(Bloomberg) -- Machine learning startup DataRobot is in advanced discussions to raise roughly $300 million in a funding round led by Altimeter Capital Management that values the company at more than $2.5 billion, according to people familiar with the matter.
The funding will more than double DataRobot's valuation. The Boston-based company last raised $206 million in a 2019 round that valued it at $1.3 billion, according to PitchBook. With the fresh funds, it would have raised more than $700 million.
T. Rowe Price Group Inc. and Silver Lake Waterman, a growth fund that's part of private equity firm Silver Lake, are set to participate in the funding round, one of the people said, asking not to be identified because the matter is private.
Representatives for DataRobot, T. Rowe and Silver Lake declined to comment. A representative for Altimeter didn't respond to a request for comment.
The company has said its technology works with brands such as Walmart Inc.'s Canadian unit, Deloitte, Kroger Co., Humana Inc. and Hearst Corp.'s magazines. It helps companies boost revenue and earnings, decrease costs, improve customer satisfaction, and make technical teams more productive. It said last year it had over 1,000 employees.
The company is already backed by investors including New Enterprise Associates, Sapphire Ventures, Meritech Capital Partners, DFJ Growth, Intel Capital and AllianceBernstein Holding LP.
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