Dan Primack

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Analyze this: Palantir worth more than $2 billion

May 6, 2011: 6:58 AM ET

Silicon Valley's next big thing has nothing to do with digital media or the mobile web.

When Palantir Technologies raised $90 million in VC funding last summer, TechCrunch referred to it as the "next one billion-dollar company."

Seems a lot can change in a year. Palantir, a Silicon Valley-based provider of analytics platforms for financial and intelligence clients, now is closer to being the next $3 billion company.

Palantir is in the midst of raising new money at a valuation of between $2.5 billion and $3 billion, according to a source familiar with the situation. The deal was first revealed in an SEC filing, which showed $50 million raised so far (only some of which is new equity -- the rest appears to be related to an acquisition or possible share conversion).

No investors were listed on the filing, although I'm told that they include Tiger Global Management. Past backers include The Founders Fund, Glynn Capital, In-Q-Tel, Reed Elsevier Ventures, Ulu Ventures, Youniversity Ventures, Jeremy Stoppelman, Ben Ling and what TechCrunch referred to as "a couple of high-profile NY funds" (which may, or may not, have included Tiger).

Palantir doesn't get the tech press love of its billion-dollar-plus brethren, even though it was founded by a group of Stanford computer scientists and members of the PayPal mafia. Probably has something to do with the fact that it sells to enterprise and government customers, instead of to smartphone-carrying geeks. But the company will pull in well north of $100 million in revenue this year, and recently signed a product partnership with Thomson Reuters.

A Palantir spokeswoman declined to comment.

Posted in:
Join the Conversation
About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

Email a Tip | @danprimack | RSS
Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.
%d bloggers like this: