South Korea-based Hyundai Heavy Industries (HHI) Group has teamed up with Palantir Technologies, a software company, to build a big data platform for HHI’s core businesses, including shipbuilding and offshore engineering.
As disclosed, on 4 January, the two parties signed a memorandum of understanding (MoU) for the establishment of the big data platform and also plan to form a joint venture.
The agreement will see HHI Group and Palantry jointly building a big data platform for the HHI’s key affiliates related to shipbuilding and offshore engineering, energy, and industrial machinery.
As part of the deal, HHI Group 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 specializes in developing and selling big data platform services, the parties informed.
Based on the accumulated achievements, the joint venture will commercialize big data solutions from platform construction to operation to generate sales targeting domestic and foreign companies.
Furthermore, Hyundai Heavy Industries , a shipbuilding and offshore engineering affiliate of HHI Group, is working on the Future of Shipyard (FOS) project to transform itself into a smart shipyard, said to be the first of its kind in the world, by 2030.
All processes from design to production are to be connected in real-time to build a shipyard that enables smart work management where Palantir’s Foundry data platform is applied.
The group’s energy affiliates, such as Hyundai Olibank, will also adopt the big data platform to maximise process efficiency.
Hyundai Doosan Infracore, an affiliate of industrial machinery, already developed DI 360, a big data collaboration platform, with Palantir Technologies in 2019, and is currently using it to manage its parts supply chain, handle on-site quality claim issues, and seize sales opportunities.
HHI Group and Palantir are also planning to consider building a platform for other affiliates, such as Hyundai Construction Equipment.
Kisun Chung , CEO of HHI 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 organizational culture that changes the way we work using data”.
“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”, added Alexander C. Karp, co-founder and CEO of Palantir Technologies.