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Palantir, the big data government contractor that has also branched out into commercial ventures, filed plans to go public confidentially in July.
Which begged the question: It’s been 16 years since the company was co-founded by Peter Thiel, a much more mature age for a company seeking to go public than most startups. So how much is the company, which was last valued at $20 billion in 2015 and is credited with helping the U.S. military find Osama bin Laden, actually making?
Well, per some numbers that were circulated privately with investors, it’s still not profitable: Net loss in 2019 numbered at about $580 million on revenue of $742 million. Revenue growth was not as aggressive as those of other companies that have gone public recently, rising 25% from a year earlier. Meanwhile losses, though still huge, have moderated, staying steady compared to 2018, per TechCrunch.
Numbers in 2020 are currently trending in the right direction: Revenue in the first half of the year grew to $481 million, a 49% uptick from the same period a year earlier. That comes as Palantir reportedly told investors to expect $1 billion in revenue this year.
IPO filings are also one to watch out for this week: Snowflake, Unity, and Asana are among those names that could make their filings public in coming days.
Private Equity titans get tangled with the law: On Friday, it was reported that Vista Equity Partners CEO and founder Robert Smith is facing a criminal tax probe from the U.S. Justice Department and the Internal Revenue Services over whether Smith moved assets offshore and thereby failed to pay taxes on $200 million in assets. In a coincidence of timing, and in a completely separate case, the U.S. Virgin Islands plans to issue a subpoena to Apollo Global Management cofounder Leon Black over business dealings with Jeffrey Epstein. Black has previously said that Epstein had no work with Apollo, though Epstein had provided Black with financial advice. That comes amid a larger backdrop and question as to how exactly Epstein made his money. Read more.
- Dataiku, a New York-based Enterprise A.I. and machine learning platform, raised $100 million in Series D funding. Stripes led the round and was joined by investors including Tiger Global Management, Battery Ventures, CapitalG, Dawn Capital, FirstMark Capital, and ICONIQ.
- Checkerspot, a Berkeley, Calif.-based maker of bio-manufactured materials that go into skis, has raised $36 million in Series B funding. Viking Global Investors led the round, joined by Cavallo Ventures, Builders VC and Breakout Ventures. More here.
- Brightline, a Palo Alto, Calif.-based pediatric behavioral health care company, raised $20 million in Series A funding. Threshold Ventures led the round and was joined by investors including Oak HC/FT.
- Motiv Power Systems, a California-based provider of software for trucks and buses, raised $15 million in additional funding from GMAG Holdings.
- Klara, a New York-based patient engagement platform for doctors and clinics, raised $15 million in funding. Gradient Ventures and Frist Cressey Ventures co-led the round and were joined by investors including FirstMark Capital, Lerer Hippeau, Project A, and Stage 2 Capital. Read more.
- Commonstock, a social platform for stock traders, raised $9.7 million in seed funding. Floodgate, QED, Upside, and Resolute invested.
- Trellus Health, a New York-based digital health solution for chronic conditions, raised $5 million of seed funding. Mount Sinai Health System and EKF Diagnostics invested.
- Lootcakes, a New York-based platform aggregating in-app purchase information in return for virtual currency, raised $2 million in seed funding. Konvoy Ventures led the round and was joined by investors including SOSV and GAN Ventures. Read more.
- Synapse, a Toronto-based corporate remote training platform, raised $2 million in seed funding. Investors include BDC Capital as well as existing investors Generation Ventures, Differential Ventures and Ripple Ventures.
- Warburg Pincus and TPG agreed to invest in Visma, a Norweigian software maker, valuing it at about $12.2 billion including debt. Hg also reinvested, putting up the majority of the new funding.
- Madison Dearborn Partners completed its acquisition of Benefytt Technologies, a Tampa, Fla.-based health insurance technology company. Financial terms weren't disclosed.
- Serent Capital invested in Quorum, a Washington, D.C.-based public affairs software platform for legislative tracking, stakeholder engagement, and grassroots advocacy. Financial terms weren't disclosed.
- L Catterton Latin America agreed to invest $150 million in Despegar.com (NYSE: DESP), a Buenos Aires-based travel bookings company.
- Cryoport agreed to acquire CRYOPDP, a Paris-based provider of temperature-controlled logistics solutions to the clinical research, pharmaceutical and cell and gene therapy markets. Financial terms weren't disclosed.
- Apple acquired Camerai, a maker of AR technologies, about a year and a half ago, the Calcalist reports. The deal was reportedly for “tens of millions of dollars.” Read more.
- DoorDash, the food delivery startup, is aiming for an IPO in the fourth quarter, per Bloomberg. The company, which was previously reportedly seeking to raise via direct listing, is instead seeking a traditional IPO. Read more.
- Xpeng, an Guangzhou, China-based electric luxury car maker, now says it plans to raise $1 billion in an IPO of 85,000 ADSs priced between $11 and $13. It posted revenue of $328.5 million in 2019 and a loss of $657.6 million. Firms including GGV and Taobao backed Xpeng.
- Corsair Gaming, a Fremont, Calif.-basd supplier of gaming hardware, filed to raise $100 million in an IPO. It posted revenue of $1.1 billion and a loss of $8.4 million in 2019. EagleTree Partners backs the firm. Read more.
- Bentley Systems, an Exton, Pa.-based provider of software for construction projects, filed to raise $100 million. It posted revenue of $736.7 million and a loss of $103.1 million in 2019. Siemens Corp. backs the firm. Read more.
- Outset Medical, a San Jose, Calif.-based provider of a hemodialysis system, filed for a $100 million IPO. It posted revenue of $15 million in 2019 and a loss of $68.3 million. Backers include Warburg Pincus, Fidelity, and D1 Capital Partners. Read more.
- Software Acquisition Group II, a blank check company targeting a software company, filed for an $150 million IPO. Read more.
- Ant Group plans to file for dual listings in Hong Kong and Shanghai in the next few weeks, targeting a valuation of about $225 billion. Read more.
- Luminar Technologies, an autonomous vehicle startup, plans to go public via merger with blank-check firm, Gores Metropoulos, for about $3.4 billion.
- ASGARD Partners & Co. sold Wild Things, a Virginia Beach, Va.-based maker of outdoor gear and apparel, to National Safety Apparel. Financial terms weren't disclosed.
- Centerbridge Partners is exploring a sale of KIK Custom Products, a maker of household cleaning products, in a deal that could value the company at over $3.5 billion, including debt, per Reuters. Read more.
- Goldman Sachs Group is considering raising a venture and growth fund of around $2 billion, per Bloomberg citing sources. Read more.