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 intelligent, trusted and governed use of enterprise data,” MGX posted on social media on Thursday.
Databricks said at least 60 per cent of its clients are Fortune 500 companies and announced it had surpassed a “$7 billion revenue run-rate, delivering more than 80 per cent in year-over-year growth during its second quarter”.
It has been a busy summer for MGX. In July, a consortium backed by MGX and BlackRock made a commitment to invest $5 billion in the expansion of Aligned Data Centres after completing the acquisition of one of the world’s largest and fastest-growing data centre developers.
A month previously, MGX was part of a signing ceremony at a technology summit in Paris, which sealed the deal to expand a UAE-backed artificial intelligence campus in France.
In a press release detailing the latest funding round, the chief executive of Databricks expressed confidence.
“The tremendous investor demand for this round shows that our AI strategy is winning the market and building what every business needs to maximise their impact with agent,” said Ali Ghodsi, who co-founded Databricks in 2013.
“Enterprises don’t just want AI that talks, they want agents working across their business that remember context, deliver accurate answers and execute work without blowing through their budgets.”