ClickHouse Raises $400 Million Series D led by Dragoneer to Accelerate Expansion Across Analytics and AI Infrastructure

ClickHouse, a leader in real-time analytics, data warehousing, observability, and AI/ML, led by Aaron Katz, Alexey Milovidov, and Yury Izrailevsky, has announced the close of its Series D financing, raising $400 million, led by Dragoneer Investment Group, with participation from Bessemer Venture Partners, GIC, Index Ventures, Khosla Ventures, Lightspeed Venture Partners, accounts advised by T. Rowe Price Associates, Inc., and WCM Investment Management.

ClickHouse continues its strong momentum, now serving 3,000+ customers on ClickHouse Cloud and growing ARR over 250% year over year. Recent adopters include Capital One, Lovable, Decagon, Polymarket, and Airwallex, alongside major existing users such as Meta, Cursor, Sony, and Tesla.

“ClickHouse was built for high performance and efficiency, and the traction proves it,” said CEO Aaron Katz. “We’re adding unified transactional–analytical support and expanding into LLM observability so teams can monitor model quality in production. This funding positions ClickHouse to lead in data infrastructure and AI observability.”

Dragoneer, founded by Marc Stad in 2012, is known for its highly selective, research-driven approach and long-term partnerships with category-defining companies. With AI moving from experimentation into production, demand for robust data infrastructure is accelerating. AI applications generate higher query volumes, tighter latency requirements, and require continuous monitoring, pushing value toward platforms that can handle large-scale, always-on workloads.

“Major platform shifts reward the infrastructure companies closest to production,” said Christian Jensen, Partner at Dragoneer. “As models advance, the bottleneck becomes data infrastructure. ClickHouse stood out for its performance, efficiency, and reliability at scale.”

Dragoneer’s deep evaluation reinforced ClickHouse as a leader in the modern data stack, powering mission-critical, real-time, customer-facing, and AI-driven workloads. Its growth is fueled not just by replacing legacy systems but by enabling entirely new use cases through cost-effective real-time analytics.

ClickHouse has acquired Langfuse, the leading open-source LLM observability platform. While traditional observability tracks system health and performance, LLM observability ensures that non-deterministic AI systems generate outputs that are accurate, safe, and aligned with user intent, a critical need as AI becomes deeply embedded in production workflows.

Langfuse has seen rapid adoption, closing 2025 with 20K+ GitHub stars and over 26M monthly SDK installs.

“We built Langfuse on ClickHouse because LLM observability and evaluation is fundamentally a data problem,” said Marc Klingen, CEO of Langfuse. “Now, as one team, we can deliver faster ingestion, deeper evaluation, and a shorter path from production issue to measurable improvement.”

ClickHouse has launched an enterprise-grade Postgres service tightly integrated with ClickHouse, enabling teams to run transactional and analytical workloads in a single unified stack. With NVMe-backed Postgres, native CDC, and a unified query layer, users can sync data in clicks and unlock up to 100× faster analytics.

Developed with Ubicloud, the service removes complexity for AI developers.

“Postgres and ClickHouse are a natural fit,” said Umur Cubukcu, Co-CEO of Ubicloud. “Together, they deliver a seamless, production-grade stack for modern AI applications.”

ClickHouse is expanding rapidly, entering Japan through Japan Cloud, deepening its Microsoft Azure partnership, and hosting major user events across global tech hubs with speakers from leading AI and enterprise companies.

Recent product upgrades strengthen its role across analytics and AI, including added support for Iceberg and Delta Lake, broader catalog integrations, improved full-text search for observability, and faster updates for AI-driven workloads.

With new funding, the Langfuse acquisition, and a native Postgres offering, ClickHouse is positioned to scale as a unified data and AI observability platform.