AI monitoring platform 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 cohort based in Dublin, helps its 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. It will use the new funding to grow its corporate business line, international sales and AI platform and to expand into European and Asia-Pacific markets. According to Tech Crunch, the company is gearing up for an IPO in 2023.
Dataminr said its corporate enterprise business line has doubled in revenue for three years in a row, with its platform becoming more popular across 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.
It works by detecting digital patterns of emerging events from public data signals. Today, it performs trillions of computations across billions of public data from more than 100,000 unique public data sources every day. According to founder and CEO, Ted Bailey, more than half of the Fortune 50 use the platform. It delivered the first digital warning on Covid-19 in late 2019 and indicators on estimated cases of the virus as the pandemic continued.
Bailey said: “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.”
The funding will also allow the company to extend its reach across such data sources as social media platforms, blogs, web forums, audio and radio transmissions, the deep and dark web, cybersignals and public IoT sensors. It plans to further research into areas of AI, including multi-modal event detection, multi-modal fusion AI and dynamic human-AI feedback loops with domain experts.
“We are only at the beginning of the explosion of public digital data that describes the world’s real-time events,” Bailey added.
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