ClickHouse, an open-source rival to Snowflake and Databricks, has raised $400m in a Series D funding round, reportedly at a valuation of $15bn.

Based in Palo Alto, California, ClickHouse specialises in real-time analytics, data warehousing, observability, AI, and machine learning (ML).

The Series D round was led by Dragoneer Investment Group. It also had participation from Bessemer Venture Partners, GIC, Index Ventures, Khosla Ventures, Lightspeed Venture Partners, and accounts advised by T. Rowe Price Associates, and WCM Investment Management.

The new capital follows a period during which ClickHouse’s annual recurring revenue from its managed ClickHouse Cloud service grew by more than 250% year over year.

The company now counts over 3,000 customers using its cloud platform, including recent additions or expansions from organisations such as Capital One, Decagon, Lovable, Polymarket, and Airwallex. Its client base also includes Meta, Sony, Cursor, and Tesla.

ClickHouse CEO Aaron Katz said: “ClickHouse was built to deliver exceptional performance and cost efficiency for the most demanding data workloads, and this momentum validates that strategy.”

ClickHouse has also announced the acquisition of Langfuse, an open-source observability platform designed for large language models (LLMs).

Langfuse focuses on monitoring outputs generated by AI systems and saw adoption grow to over 20,000 GitHub stars and more than 26 million software development kits (SDKs) installs per month.

Langfuse CEO Marc Klingen said: “We built Langfuse on ClickHouse because LLM observability and evaluation is fundamentally a data problem.

“Now, as one team, we can deliver a tighter end-to-end product: faster ingestion, deeper evaluation, and a shorter path from a production issue to a measurable improvement.”

ClickHouse has also introduced an enterprise-level Postgres service integrated directly with its existing platform. This move is aimed to provide a unified data stack for builders of AI applications requiring both transactional and analytical functions,

The Postgres service has been developed in partnership with Ubicloud and includes high-performance storage as well as change data capture capabilities.

Users can synchronise transactional data with ClickHouse to enable faster analytics through a unified query layer powered by a native Postgres extension.

The company continues to expand internationally through partnerships such as one with Japan Cloud in the Japanese market and another collaboration with Microsoft Azure focused on OneLake.

Recent product updates include increased compatibility with data lake formats like Apache Iceberg and Delta Lake as well as improvements to full-text search functions for observability workloads.

Additional features support demanding AI-related use cases while maintaining price-performance levels that exceed those of other cloud data warehouses according to recent benchmarks.