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Palantir Invests In Geospatial Intelligence Provider BlackSky: What You Need to Know

Palantir Technologies Inc. (NYSE: PLTR), which is in the habit of investing in startups as a means of securing clients, is making another SPAC bet.

Benzinga · 09/01/2021 12:55

Palantir Technologies Inc. (NYSE:PLTR), which is in the habit of investing in startups as a means of securing clients, is making another SPAC bet.

What Happened: Herndon, Virginia-based BlackSky Holdings said Wednesday Palantir has committed to making an equity investment in it.

BlackSky is a technology platform providing real-time geospatial intelligence and global monitoring.

The closing of Palantir's proposed investment will occur after the completion of BlackSky's business combination with SPAC Osprey Technology Acquisition Corp. (NYSE:SFTW).

Related Link: Palantir Snags $89.9M Nuclear Security Administration Contract

Why It's Important: BlackSky sees Palantir's investment strengthening a strategic collaboration that will enable it to further extend its capabilities and meet the increasing demand for global monitoring services from Palantir's and its own customers.

The companies announced earlier this month completion of a joint pilot project that integrated BlackSky's commercial satellite imagery and analytics into Palantir Foundry.

To extend the benefits demonstrated by the pilot project, BlackSky also has entered into a multi-year software subscription agreement with Palantir to access Palantir Foundry, an enterprise platform run by Palantir.

"Our partnership with Palantir will accelerate our go-to-market plan, expanding our pipeline of commercial and government customers around the world," said Brian O'Toole, CEO of BlackSky.

At last check Wednesday, Palantir shares were down 0.55% at $26.20.

Related Link: Palantir To Accept Bitcoin As Payment Option: What You Need To Know