Palantir, a US-based Big Data company that has government and law enforcement agencies among its clients, has closed $880 million in new funding, with an additional $200 million, in addition to the $679.8 million raised so far. As per a regulatory filing, investors participated in this filing include Morgan Stanley and San Francisco Sentry.
The company began raising the round in July and has now raised $2.32 billion in total. The firm now has a valuation of $20.33 billion, up from $15 billion in 2014. It will use the new funding to to continue growing into new fields and building on its secretive technology.
Palo Alto, California-based Palantir was started in 2004, it provides a software product that organizations can deploy to bring together multiple sources of data. It is used by several law enforcement and spy agencies, to help them investigate crimes and spot potential terrorist plots. It’s also used by financial instutions to spot fraud, by healthcare providers to track clinical data, and so on. Its customers include the U.S. Department of Defense, the Department of Homeland Security, the Department of Justice, and the Securities and Exchange Commission. In the private sector, the company has previously done business with Intuit and JP Morgan Chase, among others. The firm has also acquires companies like Poptip and Propeller till date, and consists of 2,000 employees in its team.
The new valuation makes it the fourth most highly valued tech startup, just after Airbnb, Xiaomi and Uber.