Dataminr, an artificial-intelligence platform that makes use of sources such as Twitter to send breaking news alerts, is in talks to raise new funding at a valuation of more than $3.6 billion, according to people with knowledge of the matter.

The New York-based company is poised to more than double its 2018 valuation of $1.6 billion in the new funding round, which is set to feature participation from some existing investors, the people said. Terms, including the size of the capital raise, havent been finalized and its possible they could change.

A Dataminr spokeswoman declined to comment.

The company, led by founder and Chief Executive Officer Ted Bailey, previously received backing from Morgan Stanleys Tactical Value Fund, MSD Capital, Valor Equity Partners, Goldman Sachs Group Inc., David Rubensteins Declaration Partners, Fidelity Investments, IVP, and Credit Suisse Group AGs Next Investors, among others.

In September, Dataminr named Nella Domenici chief financial officer. She is a former CFO of hedge fund Bridgewater Associates.

The company touts its First Alert product, used by first responders, as helping to provide aid during natural disasters and other events.

Former CEOs Vikram Pandit of Citigroup Inc., John Mack of Morgan Stanley and Tom Glocer of Thomson Reuters Corp. were

among the companys earlier investors.

Dataminr competes with Bloomberg LP, the parent of Bloomberg News, in providing real-time alerts.

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