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 technology investment company MGX recently co-led a $5 billion funding round for artificial intelligence firm Databricks alongside Coatue, Blackstone, T Rowe Price, and Sixth Street Growth. The investment aims to further propel innovation within Databricks' AI platform, enabling more sophisticated, trustworthy, and governed utilization of enterprise data. MGX shared this news on social media, emphasizing the impact on Databricks' products such as Lakebase, Lakehouse, and their adjusted free cash flow.
Databricks reported that at least 60% of its clients are Fortune 500 companies, with the company having surpassed a $7 billion revenue run-rate. The growth rate stands at over 80% year-over-year during the second quarter of 2026. Ali Ghodsi, co-founder of Databricks, expressed confidence in the company's AI strategy, stating that the market's demand for their AI agents is clear.
These agents are designed to work across businesses, remembering context, delivering accurate answers, and executing tasks without straining budgets.
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