Hyundai Heavy Industries Group partners with Palantir to establish big data platform for core businesses
Hyundai Heavy Industries (HHI) Group will build a big data platform for the Group's core businesses, including shipbuilding and offshore engineering, in partnership with Palantir Technologies Inc. The two parties also decided to consider establishing a joint venture to promote the big data platform business in the mid-to long-term.
HHI Group announced that it signed a memorandum of understanding with Palantir Technologies in Las Vegas on January 4 for the establishment of a big data platform and a joint venture.
The agreement signing event was held in a hybrid online and offline format one day before the opening of the 2022 Consumer Electronics Show (CES) The event was attended by Kisun Chung, CEO of Hyundai Heavy Industries Holdings; Young-cheul Cho, CEO of Hyundai Doosan Infracore; Seok Cho, CEO of Hyundai Electric; as well as chief executives from Palantir Technologies.
Based on the agreement, HHI Group and Palantir Technologies will jointly build a big data platform for the Group's key affiliates related to shipbuilding & offshore engineering, energy, and industrial machinery. HHI Group will provide the affiliates' process expertise and sales know-how whereas Palantir Technologies 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. 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.
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, the first of its kind in the world, by 2030. All processes from design to production are connected in real time to build a shipyard that enables smart work management where Palantir Technologies' big data platform is applied.
The big data platform will also be adopted by energy affiliates, such as Hyundai Oilbank. The energy company plans to build a platform at its plant in Daesan, South Chungcheong Province, South Korea, for five years from this year with a strategy to maximize process efficiency by integrating more than 100 production management systems into one.
Hyundai Doosan Infracore 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 Technologies are also planning to consider building a platform for other affiliates, such as Hyundai Construction Equipment.
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 organizational 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 Inc, who attended through a video call. "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."