Peter Thiel’s Palantir said to raise $500m as it gears up to go public

Palantir Technologies, which was created by PayPal co-founder Peter Thiel, has reportedly raised $500m in a new funding round, as it looks at the possibility of going public.

Sompo Holdings, a Japanese insurance firm, supplied the capital to the round, according to an article from Crunchbase.

With the close of the round, Palantir has raised around $2.5bn in capital.

There have been rumours the company has been looking to go public. The company’s CEO Alex Karp recently said the company would be looking to go public in 2021, but other reports suggest this has been brought forward and Palantir could go public in a matter of weeks, the article said.

With the fresh capital, he company is looking to launch its new data platform for security, health and wellbeing. The tool will supply nursing care and healthcare to consumers in Japan.

Palantir Technologies provides a selection of software applications for integrating, visualising, analysing data and fighting fraud. It has a variety of software tools available including machine learning, GDPR, case management, legal intelligence, cybersecurity, insurance, financial compliance, law enforcement and more.

The company helps firms to better use their data and improve their decision making capabilities.

Earlier in the week, closed a $150m Series B round which tripled its valuation to an impressive $5.5bn. The valuation puts it as one of the biggest FinTechs in Europe, with payment tech venture Klarna and UK challenger bank Revolut also having the same valuation.

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