When Databrick is announced It was certainly a milestone for the company as it crossed the $1 billion milestone earlier this month, but it wasn’t a huge surprise. The data lake startup is flying. Just about a year ago, Databricks announced a $1.6 billion funding round of an impressive $38 billion with an ARR of $600 million. By February this year, it had grown to $800 million.
Databricks said it no longer calculates ARR, but instead looks at quarterly revenue and calculates an annualized run rate instead. However, if you measure it, the company is making money quickly, and the external economic conditions that put the brakes on the growth rate of many companies do not seem to have much effect on Databricks.
Databricks noted that its 80 percent growth over the past year has not slowed down and that it is seeing consistent and steady demand in its product line, especially Lake House. Versatility that customers really seem to love. A data warehouse is typically used to store structured data, while a data lake is used to store increasingly unstructured data. Combining the two, while challenging, reduces some of the complexity of managing them separately.
“Well, this is no time to spare. “We don’t need it.” Databrick CEO Ali Godisi
The concept resonated with customers and translated into customer and revenue growth. Meanwhile, Databricks is hiring heavily to meet the growing demand in the market. It plans to hire 2,500 new employees this year, a solid counterpoint to the tech startup job cuts we’ve been hearing so much of this year.
Databricks, on the other hand, started with 3,000 employees in 2022, now has over 4,000 and is expected to reach 5,500 by the end of the year.
We sat down with CEO Ali Godisi to discuss where his company will go next year and Databricks’ impressive ability to tackle the overall challenges of the SaaS market this year.