Databricks raising new funding at $188B valuation
Databricks Inc. is in the process of finalizing a funding round that will value it at $118 billion.
The company announced the deal on Thursday without disclosing the amount that it’s raising. According to the Wall Street Journal, the round will add $3 billion to Databricks’ balance sheet. Coatue is leading the investment with contributions from new and existing backers.
Databricks operates a cloud data platform that enterprises use to store and analyze business information. Over the past few years, the company has added numerous artificial intelligence features to speed up common analytics tasks. Databricks will use its new funding to further expand its AI capabilities.
The initiative will place particular emphasis on improving Genie, a suite of AI assistants that the company debuted in March. One of the tools in the lineup helps developers generate code such as SQL queries. Another makes it possible to create custom AI agents optimized for specific data science tasks.
