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

Company acquires Langfuse to enter LLM observability and introduces a native Postgres service to unify transactional and analytical workloads

ClickHouse, a leader in real-time analytics, data warehousing, observability, and AI/ML, announced today the close of its Series D financing, raising $400 million. The round was 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.

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ClickHouse Co-Founders (left to right): Yury Izrailevsky, Aaron Katz, Alexey Milovidov

The financing follows a period of sustained, accelerating growth for ClickHouse. The company now serves more than 3,000 customers on its fully managed service, ClickHouse Cloud, with ARR growing more than 250 percent year over year. Over the past three months, customers including Capital One, Lovable, Decagon, Polymarket, and Airwallex have adopted the platform or expanded existing deployments. These customers join an established base that includes AI innovators and major brands like Meta, Cursor, Sony, and Tesla.

“ClickHouse was built to deliver exceptional performance and cost efficiency for the most demanding data workloads, and this momentum validates that strategy,” said Aaron Katz, CEO of ClickHouse. “As we look toward the future, we are adding support for unified transactional and analytical workloads, so developers can build any type of applications powered by AI on the best technical foundation. And we are expanding our offering to include LLM observability, so AI application builders can evaluate the quality and behavior of AI outputs as they move into production. Additional funding, combined with continued product execution, positions us to deliver the leading data and LLM observability platform in the AI era.”

A High-Conviction Investment in Data Infrastructure and AI at Scale

Founded by Marc Stad in 2012, Dragoneer takes a highly selective, research-driven approach and seeks long-term partnerships with a small number of category-defining companies. The firm has invested in several of the leading data platforms of the past decade, as well as foundational AI companies.

As AI systems move from experimentation into production, the demands placed on underlying data infrastructure are increasing. AI-driven applications generate significantly higher query volumes, operate with tighter latency requirements, and require continuous evaluation and observability. In this environment, value increasingly accrues to infrastructure platforms that power large-scale, data-intensive production workloads.

“Major platform shifts ultimately reward the infrastructure companies that sit closest to production,” said Christian Jensen, Partner at Dragoneer Investment Group. “As models become more capable, the bottleneck moves to data infrastructure. ClickHouse stood out because it delivers the performance, efficiency, and reliability required for AI systems operating at scale.”

Dragoneer’s investment followed a rigorous evaluation that revealed the platform to be a category-defining leader in the modern data stack. ClickHouse supports a broad range of mission-critical, real-time workloads embedded in always-on, customer-facing, and AI-driven systems.

ClickHouse’s growth has also been driven by its ability to enable net-new workloads rather than simply replacing existing systems. By making real-time analytics cost-effective at scale, the platform supports use cases that were previously impractical due to latency or cost constraints. Unlike many data infrastructure platforms that primarily serve internal analytics teams, ClickHouse is frequently embedded in customer-facing products, where performance and reliability directly impact end-user experience.

“We look for platforms that customers rely on when systems cannot go down, and ClickHouse consistently demonstrated those characteristics,” Jensen added.

LLM Observability: ClickHouse Enters the Market with Langfuse Acquisition

ClickHouse is thrilled to announce the acquisition of Langfuse, the open-source LLM observability platform. Unlike traditional observability, which focuses on system health and performance metrics, LLM observability focuses on ensuring that non-deterministic and increasingly complex AI systems produce outputs that are accurate, safe, and aligned with user intent. As AI systems become increasingly embedded in production workflows, LLM observability has emerged as a critical requirement for teams building and operating AI-powered applications.

The Langfuse open source project has seen rapid adoption, ending 2025 at over 20K GitHub stars and more than 26M+ SDK installs per month.

“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 a tighter end-to-end product: faster ingestion, deeper evaluation, and a shorter path from a production issue to a measurable improvement.”

Native Postgres Service: ClickHouse Announces a Unified Data Stack for AI Builders

ClickHouse is excited to announce an enterprise-grade Postgres service deeply integrated with ClickHouse. To power modern, real-time AI applications that require both transactional and analytical capabilities, ClickHouse is delivering a unified data stack that includes high-performance, scalable Postgres backed by NVMe storage and with native CDC capabilities. In just a few clicks, users can sync transactional data to ClickHouse, unlocking up to 100X faster analytics. With a unified query layer powered by a native Postgres extension, users can build applications that seamlessly span transactions and analytics without managing separate systems. The service is built in partnership with Ubicloud, an open-source cloud company delivering high-performance Postgres, led by a team with a strong track record at Citus Data, Heroku, and Microsoft.

“Postgres and ClickHouse complement each other naturally, and are key for AI applications. Together, we’re delivering an integrated stack that removes complexity for teams, with production-grade Postgres for transactions and ClickHouse for analytics working as one,” said Umur Cubukcu, Co-CEO, Co-Founder, Ubicloud. “We’re excited to join forces with ClickHouse at Ubicloud because this is how the open-source ecosystem wins: trusted teams building best-in-class products that work and grow together.”

Continued Global Expansion and Product Momentum

In parallel with its financing and acquisition of Langfuse, ClickHouse continues to expand its global footprint and ecosystem. In the past year, the company has entered the Japanese market through a partnership with Japan Cloud and has announced a partnership with Microsoft Azure focused on OneLake. ClickHouse has also held user events in San Francisco, New York, Amsterdam, Sydney, and Bangalore, attracting over 1000 attendees and featuring speakers from companies like OpenAI, Tesla, Capital One, Ramp, and Canva, and hosted the AWS re:Invent Chainsmokers customer event for the second consecutive year.

Recent product advancements further strengthen ClickHouse’s position at the intersection of analytics, AI, and observability. The company has made significant investments in data lake support, adding compatibility with Apache Iceberg, Delta Lake, and the most widely used data catalogs. The company has also expanded full-text search capabilities, which are increasingly critical for observability use cases, including AI observability. Finally, lightweight updates have been introduced to support more demanding AI-driven applications. The platform continues to deliver industry leading price-performance, exceeding leading cloud data warehouses according to recent benchmarks.

With the Series D financing, the acquisition of Langfuse, and introduction of a native Postgres offering, ClickHouse is positioned to accelerate growth and further expand its role as a unified data platform and AI observability.

Learn More:

• Sign up to experience ClickHouse’s native Postgres service here.
• Learn more about the Langfuse acquisition on the ClickHouse blog.
• Stay on top of the latest news and announcements from ClickHouse on LinkedIn and X.

About ClickHouse

ClickHouse is a fast, open-source columnar database management system built for real-time data processing and analytics at scale. Engineered for high performance, ClickHouse Cloud delivers exceptional query speed and concurrency, making it ideal for applications that demand instant insight from massive volumes of data. As AI agents become increasingly embedded in software and are generating far more frequent and complex queries, ClickHouse brings a high-throughput, low-latency engine, purpose-built to meet this challenge. Trusted by leading companies like Sony, Tesla, Memorial Sloan Kettering, Lyft, and Instacart, ClickHouse helps teams unlock insights and drive smarter decisions with a scalable, efficient, and modern data platform. For more information, visit clickhouse.com.

About Dragoneer Investment Group

Dragoneer is a growth-oriented investment firm founded with over $30 billion in assets under management. The firm partners with founders and management teams building category-defining companies in both the public and private markets. More than 50 Dragoneer-backed companies have gone public. Dragoneer investments include Airbnb, Amwins, Atlassian, Databricks, Datadog, Meta, Nubank, OpenAI, Revolut, ServiceNow, Snowflake, Spotify, and Uber.

About Langfuse

Langfuse is an open-source platform for building, testing, and monitoring LLM applications/agents. Teams use Langfuse to trace and debug agent workflows, run evaluations, and continuously measure and improve the quality of AI outputs in production. Langfuse is available as a managed cloud service and can be self-hosted at production scale. Langfuse is one of the fastest growing LLM engineering platforms, with 20,470 GitHub stars, 26M+ SDK installs per month, and 6M+ Docker pulls, and is trusted by 19 of the Fortune 50 and 63 of the Fortune 500 companies. For more information, visit langfuse.com.

About Ubicloud

Ubicloud is building the open-source AWS, delivering core cloud services across bare metal and public clouds. Founded by the team that built distributed PostgreSQL with Citus Data (acquired by Microsoft), Ubicloud’s flagship database offering, Ubicloud PostgreSQLprovides an enterprise-grade managed Postgres experience with industry-leading price-performance. Ubicloud services across AI, Compute, PostgreSQL, and Kubernetes power more than 1 million VMs every week, cutting cloud costs by up to 70%. Ubicloud is backed by Y Combinator and other prominent Silicon Valley investors. To learn more, follow Ubicloud on Twitter @ubicloudHQ or visit ubicloud.com.

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