Valuation of San Francisco-headquartered software startup Databriks A few days ago, investors raised $28 billion during a funding round. Since then, the firm has remained in the limelight. The company, which started in 2013, recently started making profits when Ali Ghodsi, one of its cofounders, was elected as its CEO.
Ghodsi, 42, was elected to the position after the company’s founding CEO Ayan Stoika resigned. Prior to this he worked as the Vice-President of the Engineering Department and had no intention of selling his own revolutionary code and wanted to give it away for free.
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“We were a group coming from the city of Berkley, California, who wanted to change the world,” Ghodsi told Forbes magazine. “We’ll tell them, “Just get the software for free,” and they’ll say “No, we owe you $1 million.”
Databricks was started by 7 people from the academic world. All of them were researchers at the University of California. Ghodsi told that they started making code with the intention of bringing change in the world and wanted to give it to the people for free. But no one refused to take his code without paying any money. After this, these people founded Databricks.
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Databricks initially received an investment of around $14 million. However, it was finding it difficult to raise more investments as the company’s revenues were lower than expected. In such a situation, two years after its founding, the company’s founding CEO Ion Stoica decided to resign and return to the academic world, after which Ali Ghodsi, one of the company’s founders, was made CEO. With the arrival of Ghodsi, the company started registering great growth.
It achieved the feat of being a unicorn company by raising $1 billion in February, but has now become one of the most valued software companies with $28 billion.
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According to the Forbes report, Databricks uses state-of-the-art technology and artificial intelligence to “fuse” expensive data warehouses with data lakes, creating data “lakehouses”.
An investor said that Databricks aims to achieve revenue of $1 billion in 2022. At the same time, according to Ghodsi, achieving a revenue of $ 100 billion in the coming times will not be out of the target. Ghodsi says that the company is also ready to bring its IPO soon.
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