Meta Supports Databricks’ $10B Round to Lead AI and LLM Innovations
Meta is investing in Databricks’ $10 billion funding round to help improve AI technology. Valued at $62B, the data analytics firm advances AI applications and LLM development.
Databricks announced on Wednesday that Meta Platforms is now an investor in a $10 billion funding round. This money will help the data analytics company grow and develop new products.
The Series J funding round ended on Wednesday, and Databricks is now valued at $62 billion. The company got a $5.25 billion loan from JPMorgan Chase, with help from Barclays, Citi, Goldman Sachs, and Morgan Stanley.
Databricks, which started in 2013 and is located in San Francisco, provides a platform that helps users collect, analyze, and create artificial intelligence applications using complex data from different sources.
Investors are quickly investing money into AI startups after the huge success of OpenAI‘s ChatGPT led many companies to use this technology. In 2024, OpenAI, led by Sam Altman, raised $6.6 billion from investors.
Meta Invests Big in Advancing Human-Like AI Models
Companies like Meta are spending a lot of money creating and improving large language models (LLMs) like ChatGPT. These advanced AI systems can comprehend and generate text with a human-like voice.
Databricks collaborates with the Llama team at Meta. Llama is a family of open-source LLMs developed by the Facebook parent.
“Thousands of customers are using Llama on Databricks, and we have been working closely with Meta on how to serve those enterprise customers with Llama best,” Databricks co-founder and CEO Ali Ghodsi said.
“It made sense for both sides to strengthen their partnership with this investment.” Over 10,000 organizations, like Comcast, Block, Rivian, and Shell, use the Databricks Data Intelligence Platform to handle and analyze data for AI projects, as stated on its website.
