Databricks is reportedly raising $3 billion at a $118 billion valuation, a significant follow-on round led by Coatue. The company plans to deploy these funds to accelerate its AI capabilities, with a particular focus on enhancing its Genie suite of AI assistants, including Genie One and Genie Ontology. This expansion will also prioritize the development of Lakebase and Unity AI Gateway to support AI agent functionality and governance.