Fri. Sep 20th, 2019

OpenGov to improve its IT services based on cloud for civic organizations and government

OpenGov, the company co-founded by Palantir’s Joe Lonsdale, which assists government and several other civic organizations manage, evaluate and present economic as well as other data using cloud-based architecture, has raised another major funding round to continue expanding their company. In a Series D round led by Weatherford Capital and 8VC (Lonsdale’s investment firm), the startup raised an extra $51 million with the contribution of existing investor Andreessen Horowitz.

The funding raises the company’s sum to $140 million, with the company’s prior investors such as JC2 Ventures, Emerson Collective, Founders Fund, and some others. The company is not revealing its valuation — even though we asked for it — but for some reason, PitchBook reported that it was around $190 million in its last revealed round — even though that was in 2017 and probably increased in the interim, not least because of the high-place connections between the startup and its development.

Government information is usually connected with cripplingly slow bureaucratic procedures and legacy systems, which has given some start-ups the chance to leverage the development of cloud services to current alternatives tailored to the requirements of civic organizations and their employees, from finance specialists to city planners. In OpenGov’s situation, it offers its services on a system called the OpenGov Cloud.

As it seems, a trusted option for executives of government who have left public service and instead moved to invest, leveraging some of their connections that still exist into those who handle public service procurement. One of the leading investors, Weatherford Capital, is led by managing director Will Weatherford, former House Speaker for the State of Florida.

It will be intriguing to see how and if the business utilizes the financing to strengthen its business technology in its particular area. Other companies such as LiveStories also built facilities to assist better present the public with civic information that you could see as an alternative to what OpenGov is doing. In the past, OpenGov has acquired more open-source information and technology, such as Ontodia..