Partnership Announced
Mykhailo Fedorov, Ukraine's former defense minister, and Palantir CEO Alex Karp have announced a partnership to launch a new defense technology company. Karp will become the first major investor in the venture, as reported by The Straits Times. The announcement came through a press release from Fedorov's team on Sept 1 and a video posted on Fedorov's Telegram channel.
"You and your colleagues are launching a company that I think will be defining for the world," Karp told Fedorov in the video, according to The Straits Times. Karp said the two had worked together for "half a decade." The two men met at Palantir's Washington, DC office on Aug 31.
Background and Context
Fedorov was dismissed as Ukraine's defense minister in July, a decision made by President Volodymyr Zelenskyy. His departure sparked protests, which later subsided after he called for wartime elections, a divisive issue in Ukraine, as reported by The Straits Times.
Since leaving office, Fedorov confirmed he would not return to government and would focus on new projects, including a defense investment fund and advising the Italian Ministry of Defense, according to Defense News. He also plans to launch a think-tank, as reported by The Straits Times.
"During the full-scale war, our team gained unique experience working with defense technologies in Ukraine and seeing firsthand how technology is transforming modern warfare," Fedorov said in a press release, as quoted by Defense News. "Now we want to use this experience to build technologies that will strengthen Ukraine, help our allies and ultimately make the world safer."
Company Mission
The new company will build on Fedorov's experience in modern technological warfare, with its primary mission to strengthen Ukraine and develop defense technologies for a safer future worldwide, according to the press release from Fedorov's team, as reported by The Straits Times.
Fedorov built his reputation on backing Delta, Ukraine's battlefield management system, which integrates drone feeds, radar, and field data into a dashboard for real-time front-line oversight, as described by Defense News. Outgoing S. Army Secretary Dan Driscoll, who resigned this week, told the S. Senate in May that Delta is "absolutely incredible," while noting that S. Army systems remain "compartmentalized, isolated and ineffective against modern threats."
Palantir's Role
Palantir has provided software to Ukraine to support its war effort and government operations, according to The Straits Times. Karp was among the first Western tech executives to travel to Kyiv after Russia's 2022 invasion, and Palantir's technology has been deployed by more than half a dozen Ukrainian government agencies, as reported by Defense News. Ukraine's Brave1 Dataroom, a joint project between the defense ministry and Palantir launched earlier this year, runs on Palantir's infrastructure.
Defense News also reported that Karp reached out to Fedorov almost as soon as news of his dismissal broke, with Fedorov telling reporters that Karp had called to propose "we do something together."
Palantir posted 93% year-over-year revenue growth last quarter, and its valuation has surpassed $440 billion, nearly 28 times its 2020 stock market debut, with roughly half of its total revenue coming from S. government contracts, according to Defense News.
Statements and Outlook
In the press release, Fedorov emphasized that "Ukraine will be the priority for me," as reported by Defense News. Karp's backing could bring significant investment to Ukraine's defense industry, according to Defense News.
The partnership signals a continued focus on integrating advanced technology into defense operations, drawing on Fedorov's wartime experience and Palantir's data analytics capabilities.