South Korea’s Hyundai Heavy Industries (HHI) Group will form a big data platform along with the US Data Analytics Firm Palantir Technologies Inc., for aiding the Group’s core businesses, comprising of shipbuilding and offshore engineering.
The Hyundai Heavy Industries and Palantir joined forces by signing a Memorandum of Understanding (MoU) on January 4th in Las Vegas for the creation of a big data platform and a joint venture to promote the big data platform business in the mid-to-long-term.
The agreement signing event took place a day before the commencement of CES 2022 in a hybrid online and offline format and 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 together be creating a big data platform for the Group’s core affiliates assigned to shipbuilding & offshore engineering, energy, and industrial machinery.
HHI Group will offer the affiliates’ process expertise and sales know-how whereas Palantir Technologies will offer software and development personnel.
According to the HHI announcement, Once the big data platform for each affiliate is created, the two parties plan to structure out 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.
According to Hyundai Heavy Industries (HHI) sources, 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, a global unique industry-first technology, 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.
Kisun Chung, CEO of Hyundai Heavy Industries Holdings stated: “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 the innovation of organizational culture that changes the way we work using data.”
Alexander C. Karp, co-founder, and chief executive officer of Palantir Technologies Inc stated: “HHI Group shaped one of the most significant industries of the twentieth century and is absolutely vital to the lives we lead.”
Alexander also explained further: “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.
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, 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 Technologies are also planning to consider building a platform for other affiliates, such as Hyundai Construction Equipment.
