Report: Secretive Data Company Palantir Pulls in $880 Million in New Funding

Allen & Co. Media And Technology Conference
Alexander "Alex" Karp, chief executive officer and co-founder of Palantir Technologies Inc., arrives for a morning session during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Wednesday, July 9, 2014. Technology companies from Silicon Valley are expected to take center stage at this year's Allen & Co.'s Sun Valley conference as tech and media converge. Photographer: Daniel Acker/Bloomberg via Getty Images
Photograph by Daniel Acker — Bloomberg via Getty Images

Palantir continues to shovel cash into its coffers.

The 11-year-old, secretive, data company has raised an additional $880 million at a $20 billion valuation, according to a report from the New York Times citing anonymous sources. This latest round of funding began last summer and grew in size after the company received additional money in recent weeks.

Previously, Palantir was valued at $15 billion. The company has now raised approximately $2 billion in funding to date.

SIGN UP: Get Data Sheet, Fortune’s daily newsletter about the business of technology.

Palantir provides services and software that helps its customers perform highly sophisticated data analysis. Though it works with customers in a variety of industries, it’s best known for its work with military and law enforcement agencies.

WATCH: For more on how some companies use data, watch this Fortune video:

This new funding is the company’s eleventh round and will likely be used for hiring and business expansion, according to the report. Palantir co-founder and CEO Alex Karp has said in the past that he would like to keep the company private.

We have reached out to Palantir for comment, and will update the story when we hear more.

Subscribe to Well Adjusted, our newsletter full of simple strategies to work smarter and live better, from the Fortune Well team. Sign up today.

Read More

Artificial IntelligenceCryptocurrencyMetaverseCybersecurityTech Forward