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In a rare show of public support Peter Thiel, Palantir Technologies Inc.’s co-founder and chairman, pitched the power of the data-mining company during a splashy Tokyo event Monday marking its formal entry into Asia and a deal with Sompo Holdings Inc.

With the $150 million deal, funded 50-50 by Palantir and Sompo, the duo are inaugurating Palantir Technologies Japan Co. The new company will target government and public sector customers, initially emphasizing health and cybersecurity.

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