(Reuters) -Analytics firm Databricks was on track to hit $4 billion in annual revenue, up more than 50% from the prior year, on the back of surging demand for its AI products.

In the second quarter, the company serving around 15,000 customers including energy major Shell and electric-vehicle maker Rivian, surpassed a $4 billion revenue run rate, with AI products reaching $1 billion.

This follows the data and AI company’s Series K funding close, where it raised $1 billion at a valuation exceeding $100 billion, co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital and WCM Investment Management.

The company plans to use the proceeds to accelerate its AI strategy, including expanding products, launching a new operational database category, and future AI acquisitions and resea

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