Palantir to Cement Partnership with BlackSky Once it Completes SPAC Merger
Artificial Intelligence software giant Palantir Technologies has committed to an equity investment in space-based geospatial intelligence company BlackSky once it completes its planned business combination with Osprey Technology Acquisition Corp. BlackSky also entered into a multi-year software subscription agreement with Palantir to access its Palantir Foundry enterprise platform.
BlackSky said it will now offer a combined solution that integrates Spectra AI with Palantir Foundry to expand the delivery of high-resolution imagery and deep analytics to customers worldwide. The company successfully demonstrated the capabilities of the combined solution during a test pilot project in August.
“This collaboration further enables BlackSky to put the power of real-time intelligence in the hands of the user by allowing Palantir customers to directly task our satellites, reduce decision-making timelines and increase the delivery of on-demand insights,” said Brian E. O’Toole, CEO of BlackSky. “Our partnership with Palantir will accelerate our go-to-market plan, expanding our pipeline of commercial and government customers around the world.”
BlackSky announced its intention go public through a special purpose acquisition company (SPAC) merger in February, announcing a deal Thursday to go public with a $1.1 billion valuation, in a deal that is expected to generate approximately $450 million in net proceeds. BlackSky said the cash will fund extension of its Artificial Intelligence/Machine Learning (AI/ML) analytics platform, expand its satellite constellation, add additional sensors and data feeds to the BlackSky network and accelerate commercial market penetration.
Osprey is scheduled to hold a special meeting of its stockholders on Wednesday, Sept. 8 to allow its stockholders to vote to approve the proposed business combination with BlackSky.