Wednesday, 20 September, 2017

Samsung Creates $300 Million Self-Driving Cars Fund

The logo of Samsung Electronics is seen at its office building in Seoul South Korea The logo of Samsung Electronics is seen at its office building in Seoul South Korea
Rosalie Gross | 16 September, 2017, 01:52

Samsung has accelerated its involvement in automative technology but says it won't be building its own self-driving cars. The new unit will sit within the connected auto business of Harman, an independent subsidiary of Samsung, a spokesman added.

One of the first beneficiaries of Samsung's largesse will be TTTech, an Austrian firm specialising in the software integration necessary for automated driving platforms.

Samsung does not plan to manufacture cars, the company said in its press release. The company also revealed its intentions to invest $300 million in automotive start-ups and technology.

Yesterday, Samsung turned heads with an announcement that they will be investing heavily in the automotive industry via not one, but two new projects.

Not to be outpaced in the connected vehicle market by other tech giants, today the world's largest smartphone maker, Samsung, announced two major pieces of news to further its place in the next generation of automotive technology. The fund will focus on areas such as machine vision and AI, connectivity, vehicle safety, and smart sensors; its initial investment will be in TTTech, an Austria-based networked safety controls specialist. TTTech, an Austrian developer of automotive software, is the first recipient of money from the fund, with Samsung allocating almost $90 million toward their projects.

The Samsung Automotive Innovation Fund will focus on connected auto and autonomous technologies, including smart sensors, artificial intelligence, connectivity solutions, automotive-grade safety solutions, security and privacy, according to Samsung. The new HARMAN SBU, which will report to HARMAN's Connected Car division, will work with the SSIC to develop key technologies for safer, smarter, connected vehicles. It also reflects the incredible power that Samsung and HARMAN, as a collective force, will bring to our OEM customers as we combine Samsung's scale and resources with HARMAN's deep automotive experience and networks. Absmeier will retain his current job as head of smart machines for the Samsung Strategy and Innovation Center in Silicon Valley.

It seems as if tech companies are pushing more and more into the Automobile Industry lately, with LG currently presenting their products at the Frankfurt Motor Show, and now Samsung, not ones to be outdone, seem set to capitalize on the developing technology that is self-driving cars. Together, we are driving the future of automotive.”.

As its first investment from the fund, Samsung has made a decision to invest 75 million euros (US$89.34 million) in TTTech, an Austria-based firm which develops automated piloted driving systems.

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