Palantir, the big data company that secured clients like the NSA, the FBI and the CIA early on, is topping up its recent September funding round with a 50 percent bump in valuation.
The company is now valued at $9 billion, according to sources familiar with the deal. An SEC filing released today showed that they are raising an additional $57.5 million on top of a $196.5 million round three months ago. That round valued the company at $6 billion.
The company hasn’t shared the identities of the investors in both rounds. We’re hearing that the company’s revenues are set to top half a billion this year, and will do at least $1 billion in contracts next year.
Founded back in 2004, the company was the brainchild of Paypal co-founder Peter Thiel, who believed that the payments company’s anti-fraud technologies could be used to fight terrorism.
Current CEO Alex Karp, Joe Lonsdale (who went on to found Asia and Silicon Valley-focused investment firm Formation 8), Stephen Cohen and chief technology officer Nathan Gettings put together an initial product.
In its early years, Palantir grew into an analysis platform that government agencies use to manage the war against terrorism and drug trafficking. Palantir’s platform pulls disparate reams of data and puts them together in a way that makes otherwise hard-to-detect patterns and connections much more visible to users.
Since then, they’ve grown beyond their government clientele and have expanded into the private sector, cybersecurity and the pharmaceutical industry.
The company’s earlier investors include Founders Fund, Yelp’s Jeremy Stoppelman and Ben Ling among others and they’ve raised at least $650 million.