DataRobot is in advanced discussions to raise fresh capital of about $500 million in a funding round that could value the machine learning startup at more than $7 billion, according to people familiar with the matter.
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The new funding would more than double the company's valuation of $2.7 billion from a November fundraiser, highlighting the robust investor appetite for fast-growing enterprise software companies.
The COVID-19 pandemic, which has pushed people to work remotely, has accelerated the use of data tools provided by companies such as DataRobot.
Tiger Global, an existing investor in DataRobot, will participate in the round, which is expected to be the last private fundraiser before a stock market flotation of the company, the sources added.
Datarobot and Tiger Global declined to comment.
