Japanese insurer Sompo Holdings Inc. said Friday that it will invest $500 million in U.S. big data analytics company Palantir Technologies Inc. to strengthen their existing tie-up and develop data analysis services for Japanese businesses.

Initially, they will analyze nursing-care data from facilities run by Sompo, such as on residents' eating habits, sleep patterns and heart rate with the aim of creating a platform for developing care plans and selling it to other nursing-home operators.

Sompo also hopes to use Palantir's expertise in developing new insurance products, company officials said.

Sompo has not disclosed its expected level of shareholding in the private U.S. company through the deal. The $500 million investment will give Sompo only a minor stake in Palantir, the officials said.

The two companies jointly established Palantir Technologies Japan in Tokyo in November last year to provide Palantir's data analytics services to the private and public sectors.

==Kyodo

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