Palantir Technologies Inc. (NYSE:PLTR) and Rio Tinto have entered a multi-year enterprise agreement for the Foundry Platform.
Palantir partners with Rio Tinto to deliver digital transformation
Following the agreement, Palantir will use its software in integrating raw data for several disparate sources into a representation that support important mining operations. This will help Rio Tinto in making a decision and taking action through a single truth source combining transactional and operational data. The data source will be accessible with necessary privacy and security controls to Rio Tinto’s office-based and frontline workers.
Rio Tinto’s CIO fay Cranmer said that the partnership with Palantir is a vital step in the company’s digital transformation. Cranmer said that it will allow fast-paced, forward-looking decision-making across the company’s operations thus leading to enhanced results in production, cost, and safety. He added that they are delighted to collaborate with Palantir to deliver best-in-class data tech digital products.
Notably, this new multi-year collaboration with the mining company builds in several other successful data integration projects explored in 2020 in different business units. Some of the projects integrated last year include connection of people with data in the mining firm’s underground operations, changing Borates to a digital enterprise across the value changing, and helping the company with the well-being and safety of employees during the pandemic.
Palantir’s Foundry Platform vital in accelerating digital transformation
Palantir COO Shyam Sankar said that this is a massive industry collaboration for the company. Sankar said that the Palantir Foundry Platform has been employed extensively in accelerating delivery and optimizing value chains in a range of market sectors where safety is paramount. The software company is popular in developing enterprise platforms that can help combat terrorism, build safer vehicles and discover new drugs.
However, Palantir didn’t disclose the size of the contract by said it is a massive partnership for the company. Palantir’s shares have surged in recent sessions thanks to the growing popularity of the Foundry, Gotham, and Apollo software platforms. Since the beginning of the year, the stock has surged 70%.