US software firm Palantir raises $107.5M in latest round with $9B valuation
Last week, Palantir Technologies Inc filed a USD57-million funding round with the Securities and Exchange Commission (SEC). Now, an amended filing says that round is coming in a USD107.5 million. Sources close to the firm said the round valued Palantir at USD9 billion, according to TechCrunch.
In the fall, a USD196.5-million round valued the tech firm at USD6 billion. Because of strong investor appetite, the company has decided to bring in more funding at a 50% increase to its overall valuation, the report said.
Palantir sells big data platform to both private and government sectors. Rescue workers use the platform to manage requests for medical supplies, home repairs, and water. Financial clients, on the other hand, use it to track cyber threats, the report detailed.
Founded in 2004, Palantir started as an anti-terrorism technology developer for government agencies. Now, the company is working with lots of clients in the private sector. A source said government transactions presently make up less than 40% of Palantir's revenues, TechCrunch reported.