Why Palantir Technologies is the Pentagon's favorite tech company — top facts revealed
Palantir Technologies
, once best known for data analytics, has now become a leader in the software and artificial intelligence (AI) sectors, most notably in defence technology, which has benefitted the company in the past two quarters, as per a report.
Defense Contracts Are Propelling Palantir's Growth
Palantir's expansion has been spurred by government contracts worth millions of dollars, including a $30 million software agreement with
Immigration and Customs Enforcement
(ICE), according to The Street. While, the firm also received good news from the Pentagon recently, as it revealed that it will substantially boost its funding for Palantir's
Maven Smart System
, as per the report. The Pentagon raised the project's funding to $1.3 billion over the four years, an increase of approximately $795 million, reported The Street.
What Is Project Maven?
Project Maven, started in 2017 by the US Department of Defence, applies AI and machine learning to analyse huge amounts of data, images from drones, satellites, and sensors, which will be used to track and detect potential threats, according to The Street report.
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Demand for Palantir's AI Software Is Growing
Demand for Palantir's MSS has risen and an official from the department recently issued a statement, saying, 'Combatant commands, in particular, have increased their use of MSS to command and control dynamic operations and activities in their theaters. In response to this growing demand, the [Chief Digital and AI Office] and Army increased capacity to support emerging combatant command operations and other DOD component needs,' quoted The Street.
Already Embedded Across US Military Branches
According to The Street report, the additional funding will be used for US combatant commands that oversee military operations.
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While, Palantir Technologies already has contracts with the US Army, Air Force, Space Force, and Navy for its MSS software licences, reported The Street.
FAQs
Why is the Pentagon working so closely with Palantir?
Because Palantir's AI tools, like the Maven Smart System, help analyze data from drones and satellites to detect threats.
What does Palantir actually do now?
Palantir started in data analytics but now focuses heavily on AI-powered defence and military software.
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