Revenue intelligence startup Datajoy has been acquired by Silicon Valley’s Databricks.
Datajoy was founded in the remote world of the COVID-19 pandemic by Jon Lee and Ken Wong, the latter of which is based in Vancouver. While Datajoy started as a remote company, it had operations in both Vancouver and San Mateo, California.
The startup emerged out of stealth last year when it secured a $6 million USD seed round of funding led by Foundation Capital with participation from Quarry VC, Partech Partners, IGSB, Bow Capital, and Silicon Valley Bank.
Datajoy offers AI-powered revenue analytics for SaaS companies. Silicon Valley-based Databricks acquired the startup to expand its all-in-one data platform for businesses. The terms of the deal were not disclosed, though Databricks noted that Wong and the Datajoy team are joining its employee base. According to Wong’s LinkedIn profile, he now serves as senior director of product management at Databricks.
“We believe Datajoy will help Databricks customers build upon the unique capabilities of the Lakehouse platform and will complement the vibrant ecosystem of tools offered by our partners,” Databricks wrote in a blog post about the acquisition. The company noted that the deal also allows Databricks to expand and strengthen its library of Solutions Accelerators.
“At Datajoy, we have an ambitious vision to create a single source of truth for all of the metrics that drive a business,” said Wong, Datajoy’s CEO. “I cannot imagine a better way to do that than to be a part of Databricks, the only platform capable of unifying all of the different types of data beneath those numbers.”
Databricks is a sizeable Silicon Valley startup that was founded in 2013 and has garnered the attention of big brands from around the world for its data platform approach that brings both structured and instructed data under one roof. It boasts more than 7,000 customers worldwide, including Comcast, Condé Nast, H&M, and over 40 percent of the Fortune 500 companies. To date, Databrick has raised $3.5 billion (all numbers USD) from investors like Franklin Templeton Investments and Andreessen Horowitz.
The company most recently raised $1.6 billion on a $38 billion valuation in August 2021. Since then, with the economy leading to changes in company valuations, that value has dropped.