Sam Boughedda

Investing.com — On Wednesday, Palantir Technologies Inc (NYSE:) and Hyundai Heavy Industries (HHI) announced a collaboration to build a big data platform for HHI’s core businesses.

HHI and Palantir create a platform that collects big data for important affiliates in shipbuilding, offshore engineering, energy, and industrial machinery. 

Palantir stated, in addition to the agreement with Palantir that it will expand its product offering in South Korea.

Both parties are open to the idea of creating a joint venture that will help the new platform grow in the long- and short-term. 

HHI will offer process knowledge and sales expertise to the affiliate, and Palantir software development and support personnel will help the affiliate expand in the new market. 

The companies will start a joint venture to develop and sell big data platform solutions once the platform has been developed.

Alexander Karp, Palantir’s co-founder and CEO said that “we are profoundly grateful for the opportunity of partnering with a company which is not only the leader amongst the world’s industry giants, but one whose continued growth success is critical to our collective wellbeing.”

Palantir shares are at 1.65%.