Benzinga | Oct 6, 2021 04:33PM EDT

Palantir Technologies Adds 10 Companies To Join Its 'Foundry For Builders' Initiative

Palantir Technologies Inc. (NYSE:PLTR) announced today it has selected ten additional companies to join its Foundry for Builders initiative, launched in July to support early-stage companies by providing them with the Palantir Foundry platform, helping support their growth.

For Palantir, Foundry for Builders marks a continued expansion of its business to early-stage companies who can fully leverage the end-to-end platform at rapid speed. This next cohort also includes Palantir's first customers in the blockchain and digital health industries.

The Palantir Foundry platform transforms the way organizations run by creating a central operating system for their data that is designed to scale with increasing complexity, meaning it will be able to support these companies as they grow while powering data-driven decision making from the outset.

Under Foundry for Builders, Palantir licenses Foundry to start-ups under a subscription model. The first companies to benefit were connected to Palantir alumni, and Foundry for Builders now includes other early-stage companies. The second cohort of Foundry for Builders companies includes the following:

* Elementus, a New York-based blockchain analytics platform

* Emyria, a Perth-based and Australian Securities Exchange-listed drug development and clinical care company, focusing on novel treatments

* European Cricket Network, a digital media company based in Switzerland dedicated to streaming and promoting European cricket

* Foodsmart, a San Francisco-based digital nutrition and healthy food buying marketplace

* KatalystDI, a Houston-based company dedicated to improving construction through integrating and automating supply chain data

* mePrism, a Los Angeles-based start-up focused on enabling consumers to take control over their data and how it is transacted in the digital marketplace

* VayuAI, a San Francisco-based technology company that operates a platform for optimizing wind farm performance

The companies in this Foundry for Builders cohort are using the platform to establish an internal operating system for their data to spend more time accelerating their unique value proposition.

Palantir Foundry is offered as fully managed SaaS and provides an end-to-end platform that spans from cloud hosting and data integration to flexible analytics, visualization, model-building, operational decision-making, and decision capture. Having these capabilities as part of a single platform eliminates friction and protects against the loss of data history, security, and privacy as users analyze data across siloed technologies.

"The Palantir Foundry platform provides us the ability to aggregate and continuously analyze thousands of previously disconnected data sets, giving us an unprecedented understanding of the construction supply chain. With these powerful tools, our team is focusing on turning integrated data into actionable intelligence for our industry," said Libo Li, the CTO of KatalystDI.

"We're excited to access technology previously reserved for the most established and leading organizations," said European Cricket Network CEO and Founder Daniel Weston, who is using data to grow his digital media company. "We can use Palantir Foundry to ask the right questions of the data, with the best interface and integration tools combined, all in the one place."

In another application of Foundry at an early-stage company, the software will be used by VayuAI, which increases wind farm capacity and production by applying machine learning and physics-based algorithms against massive unstructured wind data. Palantir Foundry will enable VayuAI to provide its customers with data simulations to support the expansion of windfarm output.

Palantir Foundry offers out-of-the-box security and compliance features which allow companies, including these start-ups, to work with sensitive data in accredited environments. The platform is currently being used in over 40 industries and sectors worldwide to deploy AI models to space, strengthen telecommunication network reliability, reduce errors in manufacturing, improve the safety of vehicles, and more.

"We're excited to expand the use of Palantir Foundry to yet another group of hypergrowth startups. These organizations have ambitious goals and timelines -- they see building on Foundry as infrastructure as the cheapest and fastest way to market," said Palantir COO Shyam Sankar. "It takes too long and is too risky to manually build solutions from a bag of cloud services. Foundry's software defined data integration and no-code applications mean customers can onboard new customers and develop new apps at a speed and cost that was previously inconceivable."