According to an undisclosed Securities and Exchange Commission (SEC) document filed last weekend, data mining firm Palantier raised 25 25 million in fraudulent futures in July, shortly before the electric vehicle startup became a publicly traded company. Of investment.
In addition, Faraday Future signed a trade agreement to use Polantier’s software. No company has said how much Faraday Future is paying, although Polantier’s filing notes that the contract will run for four to six years. Representatives of both companies did not immediately respond to requests for comment.
Polantier says its software is intended to act as a “central operating system” for companies that need a lot of data. Its clients include the U.S. Customs and Border Protection Agency, which used Polantier software to track immigrants during the Trump administration, as well as police departments across the country Software used.
Polantier’s investment was part of the so-called Private Investment in Public Equity (PIPE), which merged with a special purpose company (SPAC) that made Faraday Futures public. PIPEs are basically a fundraising round that happens with many SPAC integrations at once. Faraday Futures raised about 7 7,795 million in its pipeline, which included other investors, such as Jelly, China’s largest private carmaker.
Palantir’s participation in PIPE is the latest in a rush of investments the company has made in startups that are (or were) in the process of merging into SPACs. In some of these instances, Polantier has pursued its investment in selling its software services to the company with an agreement, as first reported by journalist Eric Newcomer in July. (After a ٹ 21 million investment by a robotics startup, NewCommer Reports, a data mining company, is paying ٹ 42 million to Polanter for using its software.)
Fraud Future’s electric vehicles are going to generate incredible data – at least once they become. The company’s first vehicle, the FF 91 SUV, is due to go into production at least until July 2022, and the company has been struggling for years. But when it does, the electric SUV will be shut down with sensors and cameras aimed at bringing a modern driver’s support system closer in the near future and one day (perhaps) closer to full autonomy.
The FF91’s internal data generation will be more than just a machine. Each seat has face-recognition cameras, which will be used to quickly capture all sorts of preferences for drivers and passengers, such as their personal app and media library, favorite seating position and climate. Settings, and more.