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Report: Secretive data mining company Palantir in talks to raise private capital

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Report: Secretive data mining company Palantir in talks to raise private capital

Palantir Technologies Inc. is aiming to score significant funding from non-U.S. private investors, including SoftBank Group Corp. and Singapore's Temasek Holdings (Pte.) Ltd., Bloomberg News reported, citing people with knowledge of the matter.

The move reportedly could delay the IPO plans of the secretive data mining company co-founded by billionaire investor Peter Thiel indefinitely. Thiel said in a meeting earlier in September that Palantir's IPO will not take place in the next two to three years, people with knowledge of the meeting told the news outlet.

Palantir has never turned an annual profit, and its share prices have declined on the secondary markets since 2015. The initiative to raise funding on the private market could offer a formal reset of Palantir's volatile value for the first time in four years, Bloomberg noted.

The company, which has relied heavily on engineers, is building its first-ever sales team to market its new Foundry product for non-government customers. The product, designed to automate work previously carried out by engineers, is intended to lower labor costs. One unnamed investor told Bloomberg that the move has resulted in the strongest balance sheet he has ever seen for Palantir, adding that staying privately held is better for the company.

Palantir is a portfolio company of private equity firm Glynn Capital Management LLC.

Talks with the private investors are underway, and a Palantir spokeswoman did not comment on the fundraising, according to Bloomberg.