U.S. software company Palantir partners with Hyundai Oilbank for digital transformation

By Lim Chang-won Posted : December 9, 2021, 15:17 Updated : December 10, 2021, 07:47

[Courtesy of Hyundai Oilbank]

SEOUL -- Palantir Technologies, a public software company in the United States, forged a partnership with Hyundai Oilbank, a refining unit of South Korea's Hyundai shipbuilding group, by purchasing shares worth $20 million. Through collaboration, Hyundai Oilbank will build a big data platform and start digital transformation. 

Palantir will proceed with the basic work of building a smart factory by dataizing the entire production process of Hyundai Oilbank's plant in Seosan, 95 kilometers (59 miles) southwest of Seoul. Palantir has expanded its customer base to serve U.S. state and local governments, as well as private companies in the financial and healthcare industries.

"Cooperation with Palantier will be a good opportunity to strengthen Hyundai Oilbank's digital capabilities. We will do our best to increase corporate value through digital innovation," said an unnamed Hyundai Oilbank. 
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