Palantir Technologies has raised $500 million in a new round of funding, following reports that the company was aiming to file confidentially in the next couple weeks to go public.
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The money came from Japanese insurance holdings company Sompo Holdings, according to a statement from Sompo. The new round brings Palantir’s total funding to at least $2.5 billion, according to Crunchbase.
It’s an interesting time for Palantir to be raising more money, and a lot of it at that. CEO Alex Karp said last month on Axios on HBO that the company may go public in the next year. Then, reports surfaced earlier this month that the company was aiming to file confidentially to go public in the next couple of weeks.
And while the tech IPO market was basically at a standstill after COVID-19 was declared a pandemic, it’s been moving in recent weeks. Palantir is among a handful of companies that have either publicly filed S-1 registration documents with the U.S. Securities and Exchange Commission or have reportedly filed confidentially to go public.
The big data analytics company, co-founded by Peter Thiel in 2004, is known for being extremely private. It’s backed by investors including Founders Fund, Manhattan Venture Partners, and REV, according to Crunchbase. A more extensive list of investors can be found here.
In addition to the $500 million investment, Sompo and Palantir announced plans to roll out a “Real Data Platform For Security, Health, and Wellbeing.” When the platform is initially introduced, it will focus on nursing care and health care in Japan, according to the statement.
Illustration: Li-Anne Dias