Home » Business » Palantir is continuing its push into life sciences with customers like Merck and Sanofi, as the secretive data analysis firm expands beyond defense deals
Palantir is continuing its push into life sciences with customers like Merck and Sanofi, as the secretive data analysis firm expands beyond defense deals
Big data company Palantir is expanding beyond defense deals with new capabilities for life sciences.
It comes as Palantir continues its pandemic work for government and seeks to capture that momentum.
Palantir’s news is also evidence of growing ties between life sciences and data and cloud companies.
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In a continued push to expand its business beyond the sometimes-controversial federal defense and intelligence contracts it’s best-known for, $42 billion big data company Palantir is making a new push into industries including life sciences and manufacturing.
That push comes in the form of new capabilities for Palantir Foundry, its product for the private sector, which will be showcased at a company event it calls Double Click on Wednesday.
Clients of Palantir Foundry include pharmaceutical companies Merck and Sanofi, according to a Palantir spokesperson, and the company is increasingly focusing on developing its artificial intelligence and machine learning modeling capabilities and controls for customers across industries and sectors, including government agencies.
Palantir’s expansion into life sciences hints at the expanding market opportunity for cloud companies in healthcare and pharmaceuticals, especially amid the pandemic, as we saw with Microsoft’s planned $19.7 billlion acquisition of AI and voice communications firm Nuance for its healthcare cloud, announced this week. Competitors Amazon and Google have also released products targeting the opportunity as the market heats up.
Palantir, notoriously tight-lipped, went public in September and has increasingly aimed to diversify its customer base and revenue, in a push that Wall Street considers essential to its long-term success. But its reputation, long tied to secrecy and more recently President Trump’s immigration policies, is inextricably linked to its origins as a tool to help the Pentagon and associated agencies sift through vast amounts of data.
The company’s Foundry announcement also comes two weeks after it revealed a new $90 million contract with the Department of Energy’s National Nuclear Security Administration, the agency responsible for overseeing the country’s nuclear weapons stockpile, to supply software for its safety initiative.
Analysts previously told Insider the contract is further proof Palantir’s product is “flexible enough” to handle data from other federal agencies besides defense, and helps the data mining company expand into new types of government deals. Palantir’s product news, as well as its health-related government contracts, are also evidence of deepening ties between the life sciences industry and big data and cloud computing companies.
Pandemic-related data needs grew for government and pharma companies