Amazon and Microsoft Aids Cloud Startup Databricks to Boost its Valuation

Databricks has raised $1.6 billion in funding, thereby increasing its valuation by a humungous 35 percent

A cloud-software vendor, Databricks, is illustrating how modern computing is changing. The startup has raised $1.6 billion in funding, increasing its valuation by a humungous 35 percent. It is now placed in the fourth position as the largest privately held, venture-backed US company. The other three companies in the first three positions are Amazon.com Inc., Microsoft Corp., and Google parent Alphabet Inc.

The San Francisco-based company, which started in the year 2013, is providing robust software services that let customers use and analyze their data in various cloud sectors. The cloud implementation rate accelerated during the pandemic as companies and individuals adopted new services. The businesses and governments also increasingly started signing up for a mix of providers to meet their needs. Databricks successfully leveraged this advantage, and now it's placed among the largest cloud-based ventures.

Databricks is one of the best examples of a startup rapidly shifting to private markets with a giant leap in valuation than other companies based in Silicon Valley. Many big companies are investing in Databricks as its market size is growing bigger in the data analysis sector. Besides, it has won favor with cloud vendors because of its unique operating style.