Peregrine Technologies builds software that helps governments pull their scattered records into one secure system. The company says its goal is to give customers "the speed and precision of advanced AI, grounded in human decision-making, with the controls that our customers—and the communities they serve—demand." Nick Noone and Ben Rudolph founded the company, and it now serves hundreds of government agencies across North America.
This growth comes at a time when governments are spending on AI at a pace not seen before. According to a Brookings analysis of federal AI spending, worldwide AI spending is projected to grow from $1.75 trillion in 2025 to $2.52 trillion in 2026. That is a 44% increase in a single year. The market for AI tools built specifically for government and public services is expected to grow from $25.08 billion in 2025 to $109.44 billion by 2035. At the same time, many people remain uneasy about how AI is used in policing and surveillance. That tension means trust matters just as much as the technology behind it.
Peregrine announced a $250 million Series D funding round at a $6.8 billion valuation. The round was led by existing investors, including Fifth Down Capital, Sequoia Capital, OG Venture Partners, Goldcrest Capital, XYZ Ventures, and Godfrey Capital.
Government agencies collect huge amounts of information every day. Police records, 911 calls, permit applications, and emergency response logs often sit in separate systems that cannot talk to each other. That separation slows down decisions, sometimes at moments when speed matters most. As AI tools get better at connecting these systems, more agencies are looking for platforms that can do this without putting privacy or oversight at risk.
There is a second trend behind this story. AI governance, meaning the tools and rules that keep AI systems accountable and easy to audit, is growing even faster than AI itself. The global AI governance market was valued at $309.01 million in 2025. It is projected to reach $5,883.90 million by 2035, a growth rate of 34.27% a year. This points to a broader shift: as AI systems take on bigger roles inside public institutions, those institutions are demanding built-in controls, not just raw capability.
"Peregrine has built a platform that aims to solve some of the most important problems its customers face," said Andy Spellman, founder and CEO of Fifth Down Capital. "What we believe makes Peregrine different is the combination of its technical talent and rigor, a product sophisticated enough for the most complex environments, and its distinctive implementation approach."
The new money will go toward product development, hiring more engineers and implementation staff, and expanding into new countries. Peregrine has already opened offices in Toronto and London this past year. Those join its existing offices in San Francisco, Washington DC, and New York City.
Some of the funding will also go toward giving employees a chance to sell some of their equity, a benefit often called a liquidity event. This matters for staff who have stayed with the company through a period of fast growth. Peregrine says it has more than doubled its customer base over the past year. It now works with more than 400 agencies and organizations, serving over 125 million people across North America. The company has also started new commercial pilots in financial services and travel.
"State and local government remains foundational to Peregrine. Our customer agencies operate in complex, high-stakes environments where decisions carry real consequences for the communities they serve, and building alongside them has shaped a platform with the depth, reliability, and flexibility to serve a much broader set of organizations. This financing reflects the size of the opportunity in front of us and the trust customers across markets are placing in Peregrine to help them operate more effectively, securely, and responsibly as they enter a new era of advanced technologies." — Nick Noone, co-founder and CEO of Peregrine Technologies
Peregrine was founded in 2018. Its software helps organizations combine information that is normally scattered across different, disconnected systems, then makes that combined picture available to staff in a controlled way. Importantly, the platform does not collect new data about people. It works with information an organization already has, while tracking who is allowed to see it and recording how it gets used.
Peregrine's tools have supported security and logistics at several large public events. These include the Super Bowl, the Grammys, the World Series, the Kentucky Derby, the Academy Awards, and eight of the eleven host cities for this summer's World Cup. In one often cited case, investigators in Fairfax County, Virginia used Peregrine to help identify a child abduction suspect in just 13 minutes. The platform has also supported hurricane recovery efforts in Manatee County, Florida, and a crime reduction program in Kansas City that has been linked to an 18% drop in violent crime.
Peregrine now employs more than 450 people across its five offices.
"To make AI work inside a complex organization, the model is not enough. It needs context. It needs to understand where information lives, what your terms mean, who is allowed to see what, and the rules your organization follows," said Ben Rudolph, co-founder and CTO. "This is what we have built: the platform that gives AI the context it needs to help people and organizations complete the missions that matter most."
The Series D round was led by Peregrine's existing backers, including Fifth Down Capital, Sequoia Capital, OG Venture Partners, Goldcrest Capital, XYZ Ventures, and Godfrey Capital. That same group, along with Friends & Family Capital, also backed Peregrine's previous funding round.
That earlier round was a $190 million Series C, which closed in March 2025 at a $2.5 billion valuation, also led by Sequoia Capital. The jump from that valuation to the new $6.8 billion figure is close to a threefold increase in just over a year. It shows how quickly investor interest has grown for AI platforms that have moved past pilot testing and into daily use inside government agencies.
