The valuation of real-time data-processing company Dataminr has jumped from $1.6bn to $4.1bn after a Series F funding round.
AI analytics company Dataminr has closed a $475m funding round, bringing its valuation to $4.1bn. Its last funding round was in 2018 when it raised $392m and was valued at $1.6bn.
The New York-headquartered company, which employs 650 people around the world and has a team based in Dublin, helps clients with real-time information discovery and warnings ahead of high-impact events.
Eldridge, Valor Equity Partners, MSD Capital, Reinvent Capital, ArrowMark Partners, IVP, Eden Global and investment funds managed by Morgan Stanley Tactical Value were involved in the Series F round.
This funding will be used to grow Dataminr’s corporate business line, international sales and AI platform and to expand into European and Asia-Pacific markets. The company is also gearing up for a potential IPO in 2023.
Dataminr said its corporate enterprise business line has doubled in revenue for three years in a row, with its platform being used for physical safety and security, reputation risk and crisis management, business intelligence and cyberthreat detection.
Since it was founded in 2009, the company’s tech has been used by global corporations, first responders, NGOs and newsrooms. According to founder and CEO Ted Bailey, more than half of the Fortune 50 use the platform.
It works by detecting digital patterns of emerging events from public data signals. Today, the AI platform performs trillions of computations across billions of public data inputs from more than 100,000 unique public data sources. It delivered a digital warning on Covid-19 in late 2019 and released different indicators as the pandemic continued.
“We live in an increasingly unpredictable world, where Dataminr’s unparalleled ability to detect breaking events and critical information far in advance of other sources is more relevant than ever for the world’s public and private sector organisations,” Bailey added.
“We are only at the beginning of the explosion of public digital data that describes the world’s real-time events.”
The funding will also allow the company to extend its reach across data sources such as social media platforms, blogs, web forums, audio and radio transmissions, the deep web, cybersignals and public IoT sensors. It plans to further research into areas of AI, including multimodal event detection, multimodal fusion AI and dynamic human-AI feedback loops.