New Delhi, July 17 -- Databricks, a data and artificial intelligence (AI) platform provider, has signed a term sheet to raise a new strategic funding round at a $188 billion valuation, with the company planning to use the capital to expand its enterprise AI platform and support future acquisitions.

The funding round is being led by existing investor Coatue and includes a mix of new and existing investors. Databricks said it expects the transaction to close later this summer. The company did not disclose the size of the funding round.

The investment will be used to accelerate development across three of its AI offerings: Unity AI Gateway, a governance platform for managing multiple AI models; Genie, an AI assistant for enterprise data; a...