US Big Data Company with CIA Clients Becomes Shareholder of Hyundai Oilbank

[Asia Economy Reporter Choi Dae-yeol] Palantir, a US big data analysis unicorn company, has become a shareholder by investing $20 million (approximately 24 billion KRW) in Hyundai Oilbank, Hyundai Heavy Industries Holdings announced on the 9th.

The company supports the construction of big data analysis services and platforms for major US intelligence agencies, including the CIA, FBI, and NSA, and counts global companies such as BP and Airbus among its clients. This investment is known to reflect Hyundai Oilbank's high evaluation of the value and growth potential of its new businesses recently promoted, including petrochemicals and hydrogen, in addition to its refining business.

Hyundai Oilbank and Palantir have decided to establish a long-term cooperative relationship through this investment. The company expects to accelerate digital transformation across all business areas, including smart factories, by building a big data platform. A Hyundai Oilbank official said, "Through digital innovation, we will transform the corporate ecosystem connecting employees, customers, and partners to establish new business models and enhance corporate value."

Earlier, Hyundai Doosan Infracore, a construction machinery affiliate of Hyundai Heavy Industries Group, became the first domestic company in 2019 to form a strategic partnership with Palantir and built a collaborative platform capable of integrating, connecting, and analyzing business data. Hyundai Oilbank plans to apply for preliminary listing review with the Korea Exchange within this year, aiming for a KOSPI listing in the first half of next year.