That means that there’s already a good amount of crypto capital in the F1 space, not just money from traditional technology firms. Tezos, another company in the blockchain space, backs McLaren and Red Bull, while FTX backs Mercedes and more. Lots of tech money is already in my beloved racing circuit, in other words.īut the branding on the new Aston Martin got me thinking. McLaren’s F1 team is backed by everyone, including Webex, Splunk, Alteryx, DataRobot and Smartsheet, among others. Mercedes’ F1 team is backed by TeamViewer, AMD and CrowdStrike. What else? Ah yes, Ferrari’s F1 team just landed a deal with Palantir, it announced today. Oracle’s logo is rather large on the new team car. Now it’s the leading sponsor, apart from the drinks company. Nor is it surprising that Oracle just signed up for a half-decade with Red Bull’s team - now called Oracle Red Bull Racing - to the reported tune of around $100 million per year. I was also reminded that IT and consulting giant Cognizant is one of the team’s leading sponsors. So it’s not a surprise that watching the Aston Martin Aramco Cognizant F1 Team - yes, that’s its real name - unveil its new car today, I noticed that the new set of wheels had a sticker on it. Put money into F1, and you get global exposure to a certain degree. Tech concerns, flush with capital and power, have poured money into F1 teams and F1 branding because they can afford it - and the sport has a global fanbase.
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Tracking the influx of tech money into Formula 1, a racing series famous for its high costs and reputation-laundering for authoritarian governments, has been a fun game in recent years.
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