Data analytics company, Palantir Technologies has secured $129 million, thereby taking the total amount of investment raised in this round which started five months ago, to nearly $680 million. The names of the investors have not been disclosed.
Palantir entered the race in 2004, long before many of its current competitors even existed, with a relatively humble $2 million in seed funding from the CIA’s venture capital arm and another $30 from Peter Thiel. The company took advantage of its head start to land lucrative analytics contracts with several key members of the intelligence community and expanded into the rest of the national security sector from there, including the U.S. military and domestic law enforcement agencies like the FBI. Palantir software was reportedly used to track down Osama Bin Laden.
One of Palantir’s most notable private sector clients is Morgan Stanley & Co. LLC, which uses a re-purposed version of its criminal-busting software to find fraudulent financial activity and handled the first $500 million leg of its current financing round.
In June, the company declared its valuation to be $20 billion when it started the round. It stands as the third most valuable technology unicorn in the US, only after Uber and Airbnb.Category Investments News