BigBear.ai, an artificial intelligence company, announced Monday that it has partnered with Palantir Technologies.

Palantir's stock is now trading at $23.21, up 1.66 %from its opening high of $23.52.

Palantir's Foundry platform will be combined with BigBear.ai's Observe, Orient, and Dominate products to create "strong machine learning extensions for Palantir," according to the company.

File:Palantir Technologies logo.svg - Wikimedia Commons

While BigBear.ai will have the ability to expand Palantir's products, the businesses also stated that they will consider developing joint goods.

Palantir would be able to expand its addressable prospects by introducing collaborative goods, something investors would welcome following the company's last financial report, which revealed sluggish revenue growth.

"By partnering with cutting-edge firms that can leverage Foundry as Infrastructure in its solutions, we see huge opportunity to provide more, quicker for customers," said Palantir USG president Akash Jain.

"Through Apollo and Foundry, BigBear's unique AI capabilities can achieve scaled distribution across government and commercial customers alike," Jain said.