Databricks is raising new funding in a financing round led by Coatue Management that values the company at $188 billion, a 40% jump from the $134 billion the company hit in February.
The company expects to finalize the financing later this summer, with support from both new and existing investors, Bloomberg reported.
Databricks plans to use the proceeds to fund acquisitions and further develop its products, such as AI assistants, Genie and Unity AI Gateway, which are designed to help businesses monitor and manage AI-related spending.
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