A digital twin is a virtual clone of an object or an infrastructure. Digital twins are frequently used as testing grounds for new technologies or other elements to find out the results of real-life situations simulated in a virtual space. Business operators can test their products under various conditions without causing an irreversible effect in real life.
The partnership with Palantir began in December 2021 when Palantir purchased shares worth $20 million from Hyundai Oilbank, a refining unit of Hyundai Heavy Industries Group, and agreed to 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. The company's big data platform, Foundry, connects data, analytics, and business teams to a common foundation.
With Palantir's technology, the shipbuilder said it would speed up the digital transformation of shipyards for optimized design and production and apply Foundry to other affiliates. The deal is part of a group-wide project to connect all processes from design to production in real time for smart management, enhance data reliability and utilization, and establish a data-oriented work culture.
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