The two companies signed a memorandum of understanding on January 4 for the establishment of the big data platform and a joint venture. Based on the agreement, HHI Group and Palantir will jointly build a big data platform for the HHI’s key affiliates related to shipbuilding & offshore engineering, energy, and industrial machinery. HHI will provide the affiliates’ process expertise and sales know-how whereas Palantir will offer software and development personnel.
Once the big data platform for each affiliate is built, the two parties plan to create a joint venture that specialise in developing and selling big data platform services. Based on the accumulated achievements, the joint venture will commercialise big data solutions from platform construction to operation to generate sales targeting domestic and foreign companies.
The big data platform will also be adopted by energy affiliates, such as Hyundai Oilbank.
Kisun Chung, CEO of Hyundai Heavy Industries Holdings, said: “We expect that this partnership with Palantir Technologies will substantially improve the competitiveness of core businesses of the Group. It will be an important turning point in innovation of organisational culture that changes the way we work using data.”
“HHI Group shaped one of the most significant industries of the twentieth century and is absolutely vital to the lives we lead,” said Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies. “We are deeply grateful for the opportunity to partner with a company that is not only a leader among the world’s industrial giants but one whose continued growth and success are critical to our collective welfare and security.”