UAE's MGX Co-Leads Massive $5 Billion Funding Round for AI Firm Databricks

UAE-based technology investment company MGX has jointly led a massive $5 billion funding round for artificial intelligence firm Databricks.

Alongside MGX, firms including Coatue, Blackstone, T Rowe Price, and new investor Sixth Street Growth co-led the financing, which closed with an impressive 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 shared on social media.

Databricks reported that at least 60 percent of its clients are Fortune 500 companies and announced it has surpassed a $7 billion revenue run-rate, achieving over 80 percent year-over-year growth during its second quarter.

It has been a particularly active summer for MGX. In July, a consortium backed by MGX and BlackRock committed $5 billion to expand Aligned Data Centres after acquiring one of the world's largest data centre developers. Just a month prior, MGX participated in a Paris technology summit to help expand a UAE-backed artificial intelligence campus in France.

Commenting on the latest milestone, Ali Ghodsi, chief executive and co-founder of Databricks, expressed strong confidence in the company's market position. "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," Ali Ghodsi stated.