Databricks Invests in Custom Data Product Firm XponentL

Philadelphia-based XponentL Data has announced a strategic investment from Databricks Ventures and Inoca Capital Partners. Funds will be used to scale the company and further develop its solutions, which help organisations manage and exploit their data.

The amount of the investment was not disclosed.

Databricks Ventures is the venture arm of San Francisco-based Databricks, Inc., whose Lakehouse platform brings together data, analytics and AI/machine learning to help clients govern, manage and derive insights from enterprise data and build their own generative AI solutions. Last year the company was valued at $43bn after receiving Series I funding of more than $500m. XponentL's own skills lie in customised data product strategy, design and engineering: with Databricks' support the firm will enhance its suite of data solutions and support the integration of the Databricks Data Intelligence Platform within its own client base. Clients will get tailored solutions that address their specific data challenges and streamline decision-making processes.

Tom Johnstone (pictured), CEO at XponentL, says the partnership 'reaffirms our dedication to drive innovation and deliver transformative data solutions for our clients'. He adds: 'With Databricks' support, we are poised to accelerate our mission of enabling brilliant data experiences and revolutionizing the way businesses interact with and derive value from their data'. CDO Matt Arellano adds: 'The XponentL team sees a unique opportunity to create repeatable Data Products that ignite the possibilities of GenAI. We believe the Data Intelligence Platform allows us to enable these products in a modern, governed and seamless way'. Kori O'Brien, SVP, Global Partners at Databricks comments: 'As data and AI continue to drive business value for companies globally, we see consulting partners become even more critical to these transformations. XponentL is playing an important role here and we congratulate them on their Databricks Ventures investment'.

Web site: www.xponentl.ai .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.