Business, Investments

Palantir Valuation Hits $20 Billion; Becomes Third Most Valuable Company

Palantir, a secretive data processing firm in the United States, on Tuesday, declared its valuation to be $20 billion in its new round of funding, thereby becoming the third most valuable company in the country, only after Uber and Airbnb.

Alexander C Karp (CEO, Palantir Technologies)

Alexander C Karp (CEO, Palantir Technologies)

The big data company was valued at $15 billion in November which means it has taken a big leap of $5 billion in the last six months.

The 11-year-old company, which sells software to the U.S. government and Wall Street, had raised a total of $500 million last year. Its clients range from CIA and NSA to the world’s wealthiest banks and hedge funds.

Palantir is responsible for creating a tool that lets government agencies quickly visualize and link relationships among large amounts of data. The input could be phone numbers, bank records, friend lists, photos of license plates. Palantir’s software reportedly was used by the U.S. government to track down Osama bin Laden.

The company has raised approximately $1 billion from a group of investors like government intelligence agency In-Q-Tel, VC firm Founders Fund and hedge fund Tiger Global Management, reports Buzzfeed.

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