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Palantir Technologies Extends Partnership with Ferrari to Bring Data Driven Performance Decisions to Race Operations
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Palantir Technologies (NYSE:PLTR) has announced a one-year extension of its partnership with Scuderia Ferrari, enhancing the use of its data and analytics platform, Foundry. This partnership will enable Ferrari's Power Unit engineers to optimize race car performance by analyzing vast data sources, improving decision-making speed from minutes to seconds. Since 2016, Foundry has transformed Ferrari's approach to data integration and analysis. The Palantir brand will also feature prominently on Ferrari's race cars and driver suits, highlighting the deepened collaboration.
Positive
One-year extension of partnership with Scuderia Ferrari enhances data analytics for performance optimization.
Foundry platform improves decision-making speed for engineers, processing data in seconds.
Palantir's branding will appear on race cars and driver's suits, increasing brand visibility.
Negative
None.
DENVER--(BUSINESS WIRE)--
Palantir Technologies Inc. (“Palantir,” NYSE:PLTR), a leading builder of operating systems for the modern enterprise, today announced a new one year extended partnership with Ferrari to bring its world class data and analytics technology to Scuderia Ferrari. In addition to Scuderia Ferrari continuing to use Palantir’s Foundry platform to propel data driven performance decisions across the team’s Power Unit, Palantir will become an official Team Partner of Scuderia Ferrari, significantly expanding its past relationship.
Specifically, Scuderia Ferrari’s Power Unit department ensures that the race cars deliver optimal performance without exceeding their structural capabilities. Foundry will enable power unit engineers on the racetrack and in the Maranello Factory to optimize performance, and rapidly analyze data from sources such as Grand Prix data, test bench results, and part information.
Since 2016, Scuderia Ferrari has used the Foundry platform to help their technical teams make faster, data driven decisions around car performance, development, and reliability. In this new, expanded agreement, Scuderia Ferrari Power Unit engineers will use the Foundry platform to rapidly integrate and analyze large volumes of information from a wide array of sources to allow team members to swiftly make critical decisions and instantly share their analyses across the organization.
“We are pleased to be extending and expanding our partnership with Palantir, with whom we share common values of relentlessly pursuing technological innovation and the desire to continually improve,” said Mattia Binotto, Team Principal and Managing Director for Scuderia Ferrari. “Data analysis plays a vital role in Formula 1 and being able to count on an excellent partner such as Palantir can make all the difference. Tasks that just a few years ago would take several minutes of calculation can now be carried out in a few seconds, thanks to solutions that have been in use through this partnership.”
A typical Formula 1 race season can often generate as much as 1.5 trillion data points. This information needs to be quickly integrated and tested to confirm hypotheses for the team to make adjustments during the race itself in response to component performance, track conditions, weather, maintenance requirements, and potential part failures.
“Scuderia Ferrari and Palantir share a commitment to operational excellence. What they have accomplished as a company and a team is legendary,” said Palantir Executive Josh Harris. “We look forward to continuing to work alongside Scuderia Ferrari, one of the most successful teams in the history of Formula 1 racing.”
As part of the partnership, the Palantir brand will be featured on the Scuderia Ferrari Formula 1 race cars and on Charles Leclerc and Carlos Sainz’s driver racesuits.
About Palantir Technologies
Palantir Technologies is a technology 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 https://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 its 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.
