Fortress Backs Dataminr With $100 Million Convertible-Bond Deal

Dataminr has secured $100 million in financing from Fortress Investment Group, the second fundraise in a little over a month for the artificial-intelligence platform that was valued at $4.1 billion.

Dataminr is raising the money through convertible debt, according to a statement seen by Bloomberg. Startups often use such debt instruments to avoid diluting equity ahead of a public listing.

Just last month, Dataminr raised $85 million through a mix of conventional debt and convertible bonds from HSBC and NightDragon, an investment firm focused on late-stage companies. NightDragon holds the convertible bonds alongside Fortress.

Private capital firms have been ...