Databricks signed a term sheet for a strategic funding round valuing the data and AI company at $188 billion. The round is led by existing investor Coatue and is expected to close later this summer, subject to customary conditions.

The Wall Street Journal reported that Coatue is leading a $3 billion investment. The new valuation is approximately 40% above the $134 billion level set in Databricks’ previous financing. The company plans to invest the proceeds in Unity AI Gateway, Genie and Lakebase.

Source: reuters.com