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 leading role in a $5 billion funding round for AI company Databricks. Coatue, Blackstone, T Rowe Price, and Sixth Street Growth also participated in the round, which solidified Databricks' valuation at $190 billion. MGX announced the funding on social media, stating that the investment will fuel further innovation for Databricks' AI platform, allowing for more intelligent, trusted, and governed use of enterprise data.
Databricks reported that 60% of its clients are Fortune 500 companies and had achieved a $7 billion revenue run-rate, with a 80% year-over-year growth in its second quarter. The company's CEO, Ali Ghodsi, expressed confidence in the AI strategy, noting the tremendous investor demand for the round and the company's focus on building agents that can work across businesses, remember context, deliver accurate answers, and execute work without breaking budgets.
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.
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- UAE's MGX co-leads Databricks strategic funding round thenationalnews.com
