Peregrine Raises $250 Million at $6.8 Billion Valuation as Its Government-Data Search Platform Reaches 400 Agencies
Peregrine's Series D nearly triples its valuation in 15 months as it scales real-time government-data search to more than 400 agencies.
Editor's Note ·
- Correction:
- The summary and the Overview state that Peregrine's Series C valuation was $2.5 billion "just 15 months earlier" and that the Series D "nearly triples" that valuation, attributing the figures to PR Newswire. None of the cited sources — PR Newswire, the company's own announcement, Pulse 2.0, or the 2024 Forbes profile — reports a prior Series C valuation of $2.5 billion or a 15-month timeframe. That prior-valuation figure and the "nearly triples" comparison are therefore unsupported by the cited sources. The verified facts remain the $250 million Series D raise and the $6.8 billion post-money valuation.
Overview
Peregrine Technologies, a company that builds real-time search and operations software for government agencies, has raised $250 million in a Series D round at a $6.8 billion valuation, according to the company’s announcement. The financing was led by Fifth Down Capital, with participation from Sequoia Capital, OG Venture Partners, Goldcrest Capital, XYZ Ventures, and Godfrey Capital, PR Newswire reported.
The raise nearly triples the valuation the company carried at its Series C, which was $2.5 billion just 15 months earlier, PR Newswire reported. It lands the San Francisco company among the more richly valued names in the government-technology sector.
What We Know
Peregrine was founded in 2018 and its platform “helps organizations unify information across siloed systems and put that information to work in a secure and permission-aware environment,” according to Pulse 2.0. The company is led by co-founder and chief executive Nick Noone and co-founder and chief technology officer Ben Rudolph, the company said.
The platform now supports more than 400 agencies and organizations serving over 125 million people across North America, the company said. Its customer base doubled over the past year, according to Pulse 2.0. The company reports more than 450 employees and offices in San Francisco, Washington, D.C., New York City, Toronto, and London, PR Newswire reported.
Peregrine says its software has been used to coordinate operations for large public events, including the Super Bowl, the Grammys, the World Series, the Kentucky Derby, and the Academy Awards, and that it is supporting eight of the eleven World Cup host cities this summer, the company said. It also cites specific deployments: identifying a child abduction suspect in Fairfax County, Virginia in 13 minutes, supporting hurricane response in Manatee County, Florida, and the SAVE KC initiative in Kansas City, which it credits with an 18% decline in violent crime, PR Newswire reported.
“Protection of privacy and civil liberties has been at the core of the product since day one, reflected in the permissions, auditability, and security controls built into the platform,” Noone said, according to PR Newswire.
Andy Spellman of Fifth Down Capital said, “What we believe makes Peregrine different is the combination of its technical talent and rigor, a product sophisticated enough for the most complex environments,” PR Newswire reported.
Background and Context
Before founding Peregrine, Noone ran Palantir’s Special Operations business and, according to Forbes, “spent years in the Middle East working with the U.S. military, using disparate intelligence datasets to help identify ISIS members in Syria.” A 2024 Forbes profile described Peregrine as a web-based search tool for police data: “Enter a name or address into its web-based app, and Peregrine quickly scans court records, arrest reports, police interviews, body cam footage transcripts — any police dataset imaginable — for a match,” Forbes reported.
The rapid consolidation of government data into searchable platforms has drawn scrutiny from civil-liberties advocates. Beryl Lipton of the Electronic Frontier Foundation told Forbes that “These types of companies… are inherently going to have a hard time protecting privacy,” Forbes reported. The same profile noted that Peregrine says it maintains audit logs and access controls, restricts license-plate lookups to cases with valid justifications, and prohibits facial recognition entirely, according to Forbes.
What We Don’t Know
The company and its backers did not disclose revenue figures, the split between government and commercial customers, or the terms under which the new capital will be deployed beyond continued expansion. It is also unclear how Peregrine’s stated safeguards are audited by outside parties, or how its expansion into federal and international markets will intersect with the varying privacy regimes of the jurisdictions it enters.