Oct 1, 2020   SOURCE: BusinessWire

U.S. Army Research Lab Selects Palantir Technologies Inc. for $91M Artificial Intelligence and Machine Learning Development

Palantir Technologies Inc. (Palantir) announced today that it obtained a $91.2 million two-year contract from the U.S. Army Research Laboratory for research and development of artificial intelligence and machine learning capabilities.

Palantir’s Foundry and Gotham products will enable the U.S. Army Research Laboratory to accelerate and enhance its mission by building out its capabilities in artificial intelligence (AI) and machine learning. Palantir’s software platforms will be used to integrate and manage all relevant data, prepare the data in uniform and open formats, and curate data to train AI models. Palantir was selected among the 999 bids the Army Research Laboratory received.

“In keeping with our founding mission, we strive to bring best-in-class software to support our nation’s armed forces, as they fulfill their critical role of keeping us safe,” said Akash Jain, Palantir USG President. “We are excited to enable the Army Research Laboratory’s efforts to iterate quickly with users in the field and deliver mission impact much faster than traditional approaches.”

Palantir’s software platforms, alongside the domain expertise of government researchers, Palantir’s partnering technology vendors, and those on the frontline, will work to provide the United States’ armed forces with the most advanced AI capabilities available.

About Palantir

Palantir Technologies Inc. is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at www.palantir.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.