Term Sheet

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New details on Palantir round

October 7, 2011: 10:45 AM ET

Silicon Valley's hottest non-consumer startup keeps getting richer.

TechCrunch yesterday reported that Palantir Technologies, a Silicon Valley-based provider of analytics platforms for financial and intelligence clients, has raised $70 million in Series F funding. From the post:

"While the company declined to reveal the valuation in the round, we've learned from sources that it is around $2.5 billion. Two unnamed New York-based hedge funds anchored the round, and multiple early investors and university endowments participated in the round."

I initially thought this was the same round we discussed here back in May, which was being pitched with a valuation of between $2.5 billion and $3 billion. But Justin Byers, an analyst at VCExperts.com, emailed to say that Palantir authorized $50 million in Series E funding back in April, and then $68 million for a Series F in August. In other words, this seems to be new money. Moreover, a source tells me that TechCrunch is understating the new valuation, which he tells me is actually closer to $4 billion.

We also hear that SAC Capital is one of the two unnamed hedge funds. Not yet sure who the other one was, but it may have been Tiger Global Management -- a firm first identified in that May post. Other past Palantir backers include The Founders Fund, Glynn Capital, In-Q-Tel, Reed Elsevier Ventures, Ulu Ventures, Youniversity Ventures and Yelp co-founder Jeremy Stoppelman.

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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.

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