Knowledge-mining agency Palantir invested $25 million in Faraday Future shortly earlier than the electrical car startup became a publicly traded company in July, based on a beforehand unreported Securities and Change Fee (SEC) document filed late final week.
As well as, Faraday Future signed a industrial contract to make use of Palantir’s software program, based on considered one of Palantir’s most recent SEC filings. Neither firm disclosed how a lot Faraday Future is paying, although Palantir’s submitting notes the contract will final between 4 and 6 years. Representatives for each corporations didn’t instantly reply to requests for remark.
Palantir says its software program is supposed to function a “central working system” for corporations that have to sift by numerous information. Its prospects have included the US Customs and Border Protection agency, which used Palantir software program to trace immigrants throughout the Trump administration, in addition to police departments across the nation, which have used Palantir’s controversial predictive policing software program.
Palantir’s funding was a part of the so-called Non-public Funding in Public Fairness (PIPE) portion of the merger with a special purpose acquisition company (SPAC) that made Faraday Future public. PIPEs are primarily a fundraising spherical that occurs concurrently with many SPAC mergers. Faraday Future raised a complete of round $795 million in its PIPE, which included different buyers like Geely, China’s largest non-public automaker.
Palantir’s participation within the PIPE is simply the most recent in a rash of investments the corporate has made in startups which can be (or have been) within the means of merging with SPACs. In a few of these cases, Palantir has adopted up its funding with a deal to promote its software program providers to the corporate in query, as was first reported in July by journalist Eric Newcomer. (One robotics startup, Newcomer experiences, is paying Palantir $42 million to make use of its software program, following a $21 million funding from the data-mining firm.)
Faraday Future’s electrical automobiles are going to create an unimaginable quantity of information — a minimum of, as soon as they’re constructed. The corporate’s first car, the FF 91 SUV, isn’t supposed to enter manufacturing till a minimum of July 2022, and has been delayed for years as the corporate struggled. However when it exists, the electrical SUV will probably be dotted with sensors and cameras meant to energy a sophisticated driver help system within the close to time period and at some point (maybe) one thing nearer to full autonomy.
The within of the FF 91 will probably be much more of a data-generation machine. There are cameras in every seat capable of performing facial recognition, which will probably be used to rapidly pull up all kinds of preferences for drivers and passengers, like their personalised app and media libraries, favored seating positions and local weather settings, and extra.