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Peter Thiel co-founded US data analytics firm Palantir Technologies Inc (NYSE:PLTR) has partnered with the Ministry of Economy of Ukraine to implement a digital approach to demining, utilizing Palantir’s AI-enabled software.
This collaboration aims to make 80% of potentially contaminated land in Ukraine, the world’s most mined country, usable within ten years.
The agreement focuses on digitizing humanitarian demining operations, enhancing digital capabilities for land release coordination, and leveraging Palantir’s Artificial Intelligence Platform (AIP) for decision-making in mine action.
During a pilot phase last year, Palantir and the Ministry developed a software solution that assists the government in analyzing and prioritizing demining efforts for optimal humanitarian and economic outcomes.
This platform integrates multiple data streams to create a digital twin that maps hazards and their impact on critical infrastructure.
It enables the government and its partners to allocate resources more effectively, considering humanitarian and economic factors.
Furthermore, the platform will assess demining capabilities across Ukraine, guiding the optimal allocation of resources and demining methods, including the potential use of drones and unmanned vehicles.
Palantir’s AIP will be crucial in digitizing Ukraine’s demining strategy by improving information management and process automation, ensuring decision-makers can access comprehensive data for effective coordination.
In February, Palantir’ said its fourth-quarter revenue increased 20% year-over-year to $608 million, which beat the consensus estimate of $602.41 million.
The company reported quarterly adjusted earnings of 8 cents per share, which aligned with analyst estimates.
Investors can gain exposure to Palantir via Global X Funds Global X Defense Tech ETF (NYSE:SHLD) and Tidal ETF Trust II The Meet Kevin Pricing Power ETF (NYSE:PP).
Price Action: PLTR shares are trading lower by 3.17% to $24.14 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
