This strategic move is anticipated to bolster Databricks' capabilities in importing data from a myriad of enterprise databases and SaaS applications directly into its Lakehouse Platform.
Led by T. Rowe Price Associates, the funding comes on the heels of a milestone second quarter for Databricks and establishes the price per share at $73.50.
The partnership will remove data silos and enable direct access to unified customer data for training AI models in Databricks then deploying them in Data Cloud applications.
LakehouseIQ utilizes signals across Databricks’ Lakehouse platform to build specialized models for each customer that provide more accurate insights than general-purpose language models.
The deal highlights Databricks' ambitions with generative AI, and will give it technology to help customers build and own AI models tailored to their needs.