Palantir’s push into federal well being work continues. The information analytics firm simply picked up a brand new U.S. Meals and Drug Administration contract which is able to span three years for a total of $44.4 million. The corporate’s shares, which have doubled in worth over the past two months, are up round 20 % on the information.
As Bloomberg reports, Palantir will assist the FDA evaluate medicine, together with these developed for COVID-19 remedy and assess the security of different FDA-regulated well being merchandise like hand sanitizer. The contract can even carry Palantir’s knowledge evaluation software program to the FDA’s Heart for Drug Analysis and Analysis and the Oncology Heart of Excellence, in line with Bloomberg.
In late September, after much back and forth with the SEC over its S-1, Palantir went public via a direct itemizing reasonably than a standard IPO. The secretive firm, co-founded by Silicon Valley iconoclast Peter Thiel, has attracted undesirable consideration lately for its ongoing work with ICE, the federal regulation enforcement company that carries out deportations.
The FDA sits throughout the U.S. Division of Well being and Human Companies (HHS), which has already tapped Palantir for work on the coronavirus disaster. In April, Palantir secured two contracts with HHS for its software program, which the White Home’s Coronavirus Process Power used to trace traits and make choices in regards to the pandemic. Palantir additionally worked with the CDC to mannequin the unfold of the virus as early as mid-March.
Though it isn’t clear if the Biden administration will proceed to develop federal work with Palantir, the method of distributing vaccines offers one other logistical alternative for the controversial firm. Monitoring which people have acquired each doses of a vaccine is figure that sounds very a lot in Palantir’s wheelhouse.
Palantir depends closely on federal contracts within the U.S., however it additionally retailers its software program platforms to governments overseas. In November, the U.Okay. was contemplating its software program to aid contact tracing efforts, although with vaccines already in distribution there it’s not clear that these talks have continued.
The corporate’s S-1 submitting revealed that Palantir only has 125 clients, with a bit over half of its income coming from authorities contracts. Whereas the main focus tends to be on Palantir’s relationships within the U.S., 60 % of its enterprise is worldwide, although a lot of its shoppers stay unknown each at residence and overseas.