Palantar Technologies is reportedly shutting down, but the company is making a fortune from its data and intelligence business.
WSJ’s Paul Sonne argues that it’s a big deal for data and analytics companies.
Read More and a company that has grown to become one of the world’s largest private employers, but that’s been facing regulatory scrutiny.
Palantar is now a public company, and the company said it’s been making “significant investments” in building a “world-class data analytics team.”
The company’s new CEO, Sam Altman, told The Wall Street Journal he hopes to bring more data and algorithms to bear on a wider range of industries, but said he thinks it’s important to focus on one particular market.
“We are an incredible data analytics company and a data analytics business is one of our biggest investments,” Altman said.
“There’s nothing better than data analytics.”
“If I want to hire, I’ll hire someone who understands that this is the right time for me to start building my data analytics,” he added.
According to the New York Times, the company was valued at $8 billion in its IPO in June 2017.
Its IPO, which was the first for Palantab, was financed through a series of private funding rounds, including by Palantavs founder and billionaire investor Peter Thiel.
Palace was founded by the founders of Palantabs technology startup, Palantiv, in 2008, but was spun off as a private company in 2014, when Thiel purchased the company.
Palante’s CEO, Paul Altman told the WSJ that the company will continue to be focused on “growing the enterprise” and said that the future is “optimistic.”
However, it will continue its “big data” approach, and will focus on building out “the most sophisticated and advanced data analytics and data science capabilities.”
“We want to make sure that we’re able to be a company where the most data, analytics, and business intelligence is going to be about making the best data analytics work, and building out the most advanced data science capability,” Altaman said.
The company said that it plans to hire up to 3,000 people.
Its former cofounder, Sam Sacks, is now CEO.