Palantir Technologies, a big-data company has announced it raising $200 million in the new funding round increasing the total amount from its latest funding round to $880 million.
Founded in 2004, Palantir is a low-profile company that began with contract work for numerous defense and intelligence agencies in the United States government and has since developed extensive private-sector businesses. The secretive data company helps the government agencies track down terrorists and uncover financial fraud. Apart from intelligence, the company also works on cybersecurity, retailing, entertainment, energy and insurance. More than 50% of the company’s revenue which is more than $1 billion annually comes from the private sector.
The fresh funds generated is most likely to be used for hiring and developing new businesses. It has around 2,000 employees throughout the world and has become downtown Palo Alto’s largest private-sector tenant. The new investments come from previous investos and new, large institutions, declining to name the investors. Some of the previous investors who participates in this round are Bridgewater Associates, Tiger Global Management and Morgan Stanley.
Palantir has secured nearly $2 billion from investors. Its valuation earlier this month reached $20 billion from $15 billion in late 2014, making it the fourth-highest-valued, venture-backed private tech company in the world.