July 16 (Reuters) - Databricks said on Thursday it has signed a term sheet for a strategic funding round that values the data analytics software firm at $188 billion.
Here are a few details:
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The round, which Databricks expects to close later this summer, is being led by existing investor Coatue and will include both new and existing investors.
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Databricks, one of the world's most valuable privately held companies, earlier this year completed a fundraising of about $5 billion at a valuation.
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Databricks offers a platform designed to help users ingest, analyze and build AI applications using complex data from various sources. It competes with Snowflake, and analysts widely see it as a public-listing candidate along with marquee names such as OpenAI and Anthropic.
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Earlier on Thursday, the Wall Street Journal reported that investment firm Coatue Management was leading a $3 billion investment in Databricks at a $188 billion valuation, citing people familiar with the matter.
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Coatue could not immediately be reached for comment outside business hours.
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This is the latest sign of investors placing large bets on companies poised to benefit from the wider adoption of artificial intelligence. Technology giants are on track to invest billions of dollars, while the two largest AI firms, OpenAI and Anthropic, have filed their IPO paperwork.
Reporting by Fabiola Arámburo in Mexico City and Devika Nair in Bengaluru; Editing by Sherry Jacob-Phillips
Source: Reuters