UAE's MGX co-leads Databricks strategic funding round
UAE-based technology investment company MGX has jointly leading a $5 billion funding round for artificial intelligence firm Databricks. Coatue, Blackstone, T Rowe Price and new investor Sixth Street Growth co-led the funding round for the company, which recently closed with a valuation of $190 billion. “The investment will drive further innovation across Databricks’ AI platform, enabling more…
UAE-based investment firm MGX played a key role in a recent $5 billion funding round for artificial intelligence company Databricks. Other co-leaders of the funding round included Coatue, Blackstone, T Rowe Price, and new investor Sixth Street Growth. The funding round brought the company's valuation to an impressive $190 billion.
MGX posted on social media that the investment will fuel further innovation in Databricks' AI platform, enabling more intelligent, trusted, and governed use of enterprise data. Databricks also reported that at least 60% of its clients are Fortune 500 companies, with the company having surpassed a $7 billion revenue run-rate. This represents over 80% year-over-year growth during its second quarter.
MGX has been busy this summer, with a consortium led by MGX and BlackRock investing $5 billion in the expansion of Aligned Data Centres. The company also played a role in sealing the deal for an UAE-backed artificial intelligence campus in France. In a press release regarding the latest funding round, Databricks' CEO expressed confidence in the company's AI strategy, noting that the tremendous investor demand demonstrates the market's validation of their approach.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- UAE's MGX co-leads Databricks strategic funding round thenationalnews.com
