Billionaire Peter Thiel is investing in Ukraine: how Palantir Technologies will help Ukraine

Billionaire Peter Thiel is investing in Ukraine: how Palantir Technologies will help Ukraine

Foreign capital, despite the war, is finding ways into Ukraine, however, now we are talking not so much about development as about overcoming the damage from the crimes of the Russian occupiers.

The Ministry of Economy of Ukraine and Palantir Technologies signed a partnership agreement. The American giant will use artificial intelligence to help Ukraine clear its territories.

Palantir Technologies specializes in analyzing vast data. One of the main investors is Peter Thiel, the first investor in Facebook and one of the co-founders of PayPal. Its shares have been traded on the New York Stock Exchange since 2020.

Palantir's main clients are currently intelligence agencies. The company's portfolio includes cooperation with the CIA, investment banks and hedge funds.

Cooperation documents were signed in London. The goal of the joint project is to clear the territories as quickly as possible with the least expenditure of resources. In particular, the platform with Palantir AIP will be able to analyze information about a certain area and advise what type of demining is best to apply.

“Humanitarian demining is the zero stage of the restoration of Ukraine. 156,000 square kilometers of land are potentially contaminated, and more than 6 million Ukrainians are at risk. That is why accelerating humanitarian demining, in particular through cooperation with technology companies such as Palantir, is an opportunity to save people’s lives and quickly begin the restoration of Ukraine,” noted Yulia Sviridenko during the signing of the document.

In turn, Louis Mosley, executive vice president of Palantir in the UK and Europe, emphasized that the signed agreement will help save the lives of Ukrainians and strengthen the Ukrainian economy.

“Whether we're helping brave Ukrainian defenders resist Putin's aggression, supporting the resettlement of their loved ones, or assisting the country's critical mine clearance program, Palantir stands side by side with Ukraine and its people,” said Louis Mosley.

The agreement contains specific provisions on cooperation in the following areas:

  • digitization of humanitarian demining operations, automation of processes provided for by the National Mine Action Strategy for the period until 2033;
  • expanding digital capabilities to coordinate land release and assessment, identify regional priorities and manage risk in mine action;
  • use of an assistant based on the Palantir artificial intelligence platform (AIP) for decision-making in mine action.

The platform will work with large databases generated by structures involved in the implementation of mine action measures, ranging from local governments, regional authorities, ministries and departments and ending with mine action operators.

It is assumed that the databases will contain both permanent information, for example, an assessment of the economic efficiency of agricultural land, the proximity of contaminated areas to communications, etc., and operational information, which will be regularly updated. We are talking, in particular, about survey data of the territories of the State Emergency Service, State Service for Emergency Situations, non-governmental operators, the quantity and condition of equipment, the presence of pyrotechnic units in specific areas, etc. Thanks to the capabilities of Palantir AIP, the platform will analyze information and make recommendations for process optimization. For example, he will be able to advise, taking into account all the data, how to most effectively clear a specific area - using new demining methods, such as drones or using traditional methods. The ultimate goal is to clear the territory faster and at lower costs.

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