Databricks, the data and AI company, announced it has signed a term sheet for its Series K funding round, which is expected to close soon with support from existing investors.

The round values the company at more than US$100 billion.

The proceeds are expected to be used to advance Databricks’ AI strategy, including the development of Agent Bricks, further investment in its new database product Lakebase, and international expansion.

At its Data + AI Summit in June, Databricks introduced Agent Bricks, designed to create production-ready AI agents using enterprise data, and Lakebase, an operational database built on open source Postgres and designed for AI agents.

The company noted that the funding would also support potential AI-related acquisitions and research.

“We’re seeing strong investor interest because of the momentum behind our AI products, which power the world’s largest businesses and AI services,”

said Ali Ghodsi, Co-Founder and Chief Executive of Databricks.

“Every company can securely turn its enterprise data into AI apps and agents to grow revenue faster, operate more efficiently, and make smarter decisions with less risk. Databricks is benefiting from global demand for AI apps and agents. We’re pleased this round is already oversubscribed and to work with strategic, long-term investors who share our vision for the future of AI.”

Databricks said the investment follows recent partnerships with Microsoft, Google Cloud, Anthropic, SAP, and Palantir.

The company reports that more than 15,000 organisations globally use its Data Intelligence Platform, which is built on open source technology.

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