The Hyundai Heavy Industries (HHI) group will build a big data platform for the group’s core businesses in partnership with Palantir Technologies, a US big data analytics company.
The two parties have also decided to consider the creation of a joint venture to promote the Big Data platform activity in the medium and long term.
HHI Group announced that it had signed a memorandum of understanding on January 4 with Palantir Technologies in Las Vegas to set up a Big Data platform and a joint venture.
The deal signing event took place in an online and offline hybrid format one day before CES 2022. 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 general managers of Palantir Technologies.
Based on the agreement, HHI Group and Palantir Technologies will jointly build a Big Data platform for the group’s main subsidiaries related to shipbuilding and offshore engineering, energy and industrial machinery. The HHI group will provide process expertise and business know-how to the subsidiaries while Palantir Technologies will provide development and software staff.
After the big data platform for each subsidiary is built, the two parties plan to create a joint venture specializing in the development and sale of big data platform services. Based on the accumulated achievements, the joint venture will market big data solutions from platform construction to operation to generate sales targeting domestic and foreign companies.
Hyundai Heavy Industries, a shipbuilding and offshore engineering subsidiary of the HHI Group, is working on the “Future of Shipyard (FOS)” project to transform 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 intelligent management of the work where Palantir Technologies’ Big Data platform is applied.
The big data platform will also be adopted by subsidiaries in the energy sector, such as Hyundai Oilbank. The energy company plans to build a platform at its factory in Daesan, South Chungcheong Province, South Korea for five years from this year with a strategy to maximize process efficiency by integrating over 100 production management systems in one.
Hyundai Doosan Infracore, an industrial machinery subsidiary, has 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, manage on-site quality complaint issues and seize sales opportunities. HHI Group and Palantir Technologies also plan to consider creating a platform for other subsidiaries, such as Hyundai Construction Equipment.
Kisun Chung, CEO of Hyundai Heavy Industries Holdings, said: “We expect this partnership with Palantir Technologies to significantly improve the competitiveness of the group’s core businesses. It will be an important turning point in the innovation of organizational culture that will change the way we work using data.
“The HHI Group has shaped one of the most important industries of the 20th century and is absolutely vital to the lives we lead,” said Alexander C. Karp, co-founder and CEO of Palantir Technologies Inc, who attended by video call. “We are deeply grateful for the opportunity to partner with a company that is not only a leader among the industrial giants of the world, but whose continued growth and success are essential to our collective well-being and security. . “