CIA-funded spy data safe Palantir doubles in value in 18 months

CIA-backed Big Data analytics outfit Palantir is about to embark on a fundraising round that will value the biz at $20bn (£13bn), according to reports.

The funding comes off the back of bumper forward revenues this year, sources have told The Financial Times [paywall].

It means Palantir will become one of the most valuable private companies in Silicon Valley, the un-named blabber-mouths told the paper.

Palantir is best known for running data centres for US intelligence and military services.

However, its tech is also used for analysing large amounts of data from disparate sources, and it lists its main clients as government, financial institutions and pharma companies.

The technology is intended to be used for tasks including detecting insider trading, tracking people and identifying weaknesses in IT infrastructure. Its two main technologies are called "Gotham" and "Metropolis".

The company is partly backed by In-Q-Tel, the CIA's investment wing. But it has previously denied that its Prism software is related to the NSA's controversial and massive PRISM web surveillance system.

The firm has obviously been doing well for some time, as it offers its interns over $7,000 a month.

The last valuation of the company was around 18 months ago, which pegged the biz at $9bn (£6bn). ®