Peregrine raises $250 million at $6.8 billion valuation

Peregrine Technologies has raised $250 million in Series D funding at a $6.8 billion valuation, Fortune reported. The deal shows investor appetite for AI tools used by police, emergency managers and local governments, even as civil liberties groups and residents question how such systems handle public data.

The San Francisco company builds software that links information already held by government agencies, including police records, 911 logs, permit databases, sensor feeds and emergency management systems, according to Fortune. Peregrine says the platform makes that information searchable in real time while leaving the underlying data with the agency.

Funding follows rapid valuation growth

Fortune reported that the round was led by existing backers, including Fifth Down Capital, Sequoia Capital, OG Venture Partners, Goldcrest Capital, XYZ Ventures and Godfrey Capital. Peregrine’s previous Series C valued the company at $2.5 billion about 15 months earlier, according to the company’s announcement cited by Fortune.

Chief executive Nick Noone declined to disclose revenue to Fortune. He said Peregrine has more than doubled its customer base over the past year and now works with more than 400 agencies and organizations covering about 125 million people in North America. Noone also told Fortune he expects the company to work with close to 1,000 cities by the end of the year.

Peregrine says its system includes role-based access limits and audit logs so supervisors can review who used particular information and for what purpose. Fortune reported that the company’s software is being used for work ranging from child abduction investigations to hurricane evacuation coordination.

The company is also supporting the security fusion center for eight of the 11 host cities for the 2026 FIFA World Cup, according to Peregrine materials cited by Fortune. That role places the startup in one of the most visible public safety operations planned in North America.

Founders bring Palantir and humanitarian tech backgrounds

Noone and cofounder Ben Rudolph met as members of Stanford University’s men’s gymnastics team, Fortune reported. The company grew out of work in a detective division in San Pablo, California, after Noone had worked at Palantir and he and Rudolph began pitching police chiefs.

Rudolph, Peregrine’s chief technology officer, previously worked on data infrastructure for refugees at the United Nations High Commissioner for Refugees and at global health technology firm Dimagi, according to Fortune. Noone previously ran Palantir’s Special Operations business, including work tied to an intelligence platform used to track ISIS in Syria, Fortune reported.

Surveillance concerns remain

Peregrine’s growth has drawn attention from critics of AI use in policing. A 2026 survey by the Information Technology and Innovation Foundation found that 54% of Americans viewed AI-powered mass surveillance as too dangerous, according to Fortune.

Fortune also reported that residents have opposed some Peregrine contracts at city council meetings, citing privacy concerns and the company’s links to Palantir through Noone’s background. Noone told Fortune that trust in government technology has been damaged by past failures and that promises alone are not enough to address those concerns.

Peregrine says it does not use facial recognition, does not create or collect new data, and builds systems intended to flag misuse of data, according to Fortune. The company plans to use the new funding for product development, engineering and implementation hiring, international expansion, and employee liquidity.

Noone told Fortune that Peregrine has not decided whether to pursue an initial public offering. He said the company is building internal systems that could allow it to operate as a public company if it chooses that path later.

This story draws on original reporting from Fortune.