Benzinga | Jan 5, 2022 10:45AM EST

Palantir, Hyundai Collaborate In A Deal Worth Over $25M

* Palantir Technologies Inc (NYSE:PLTR) looks to build a new big data platform with South Korea's Hyundai Heavy Industries Group.

* Hyundai Heavy will use Palantir's data analysis software to improve the way its affiliate groups operate in fields including shipbuilding, offshore engineering, and energy and industrial machinery processes.

* The multi-year deal is worth over $25 million, Bloomberg reports.

* Once they build the platform, the companies will create a joint venture to commercialize the new tools.

* COO Shyam Sankar said the project represented a new model, allowing customers to only pay for what they use, and exercise more control over the process.

* Price Action: PLTR shares traded lower by 0.63% at $18.06 on the last check Wednesday.