
The band is hoping to raise £152,000 in order to produce the record independently, using fan-financed recording site Sellaband.
Sellaband launched in 2006 helps fans discover new music from unsigned artists, and gives them the option of supporting the artist financially with the goal of getting an album made.
Artists repay supporters with incentives such as limited edition copies of the album, free tickets to gigs and a percentage of the profits.
Over 700 fans in 50 countries have donated money in increments of $25, and will receive exclusive content and a share of the album's future revenue.
"Two weeks after their arrival, Public Enemy has become the first band in the history of SellaBand to go beyond $50,000," Johan Vosmeijer SellaBand chief executive said.
SellaBand has launched the careers of several bands recording their debut albums, but no major established artist has used the service before.