Databricks, the big data startup founded by the original members of Apache Spark, has agreed to a new investment deal: an injection of at least $1.5 billion into Databricks, led by Morgan Stanley, Bloomberg said, citing sources familiar with the matter. “This investment shows that investors are highly bullish on the future of services that help enterprises move data to the cloud.”

If the round closes successfully, Databricks will manage to reach a valuation of $38 billion, up nearly 36 percent from its previous valuation of $28 billion. People familiar with the matter asked not to be named, as the deal has not yet been finalized; however, they said the round could be further expanded.

Databricks declined to comment on the report, and Morgan Stanley did not immediately respond to a request for comment.

With the $1 billion raised earlier this year at a $28 billion valuation, Databricks has previously raised a total of $1.9 billion, according to the data. Its investors include Microsoft, AWS, Andreessen Horowitz, Salesforce Ventures, T. Rowe Price, Discovery Capital, Tiger Global, New Enterprise Association, Alkeon Capital Databricks was founded in 2013.

Founded in 2013, Databricks is one of the leading providers of large data analytics tools; known for its unified data analytics platform based on the open source Apache Spark big data framework. The company has partnerships with leading cloud service providers, including Google Cloud, Microsoft Azure and AWS, and has previously been reported to be planning an IPO this year.