Data-crunching player Palantir could be the third most valuable start-up in the US as reports indicate it is raising US$500m in a funding round that could grow its valuation to US$20bn.
The secretive big data and analytics player – whose technology is used by the US Government and Wall Street – was co-founded by billionaire investor Peter Thiel and Joe Lonsdale and is headed by CEO Alex Karp.
The company could now be the third highest-valued US tech start-up after Uber, which is lately understood to be raising funds that would value it at US$50bn, and Airbnb, which is worth around US$24bn.
Palantir’s technology makes it easy for engineers to crunch through troves of data.
The company is understood to have more than US$215m in contracts with US government departments, including the Department of Defense and the Department of Homeland Security.
Crystal ball image via Shutterstock
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