Palantir Technologies, a big data, and analytics company, as recently filed its Form D showing that it is currently accumulating private funding of $961,099,010, said Tech Crunch. Of this amount, $549,727,437 has already been secured.
According to reports, the firm received fundings from two strategic investors that partnered with the company. This includes Sompo Holdings, a Japanese insurance firm, which contributed $500 million, and Fujitsu which contributed $50 million.
As per the Form D Palantir filed to the Security and Exchange Commission, the company is awaiting the finalization of funding from 58 investors, which will make up the remaining amount needed to complete the $961 million declared in the form and is only awaiting closure.
According to a PYMTS report, the firm is aiming to raise $1 billion. his means that Palantir is only looking to sell the remaining $411,371,573.
The firm denied any requests for comments on the filling. However, it remarked that the sum relates to primary investments. It also refused to disclose revenues.
The company is known for providing big data and analytics services to governments, public agencies, and private organizations. It focuses on national security, health, and other services.
Previously, Palantir has been reported to have intentions of going public. Tech Crunch noted that Form D does not show evidence of delays to the public listing plan.
However, CEO Alex Karp said that the IPO is necessary as they were “building products” and they need to “get enough of them out so that people would see the robustness of [the] company internally and externally.”
A September 2019 report has revealed that the firm was seeking to raise $1 to $3 billion for its first fundraising activity in four years. It also emphasized that Palantir aims to raise its valuation to $26 billion.
This is consistent with a Bloomberg report that revealed Palantir to have been briefing its investors regarding its expectation to get $1 billion in revenues in 2020. This shows an increase of 38% compared to 2019 figures.
This target is a potential improvement as it has been valued at $20 billion four years ago, which was when it last did a fundraising event. Its secondary market trade valuation is at $10 to $14 billion.
As of writing, the company has been able to raise $3.3 billion, according to PitchBook as cited by Tech Crunch. The source showed 108 investors.
