Samsung to create US$300 mln fund for connected auto, autonomous technologies

Samsung to create US$300 mln fund for connected auto, autonomous technologies

Just don't expect Samsung to unveil its own vehicle any time soon.

To accomplish this, Samsung's first investment from that new automotive fund is in TTTech, a company that powers the semi-autonomous and automatic safety capabilities of the 2017 Audi A8.

Samsung and Harman say they will "focus on engineering, high-performance computing, sensor technologies, algorithms, AI", connectivity and cloud solutions for autonomous cars.

The South Korean technology giant has identified the automotive sector as a critical area for growth, as cars are increasingly outfitted with multimedia platforms and high-tech software-a potential windfall for Samsung's displays and semiconductor businesses.

Samsung Electronics' $8 million acquisition of Harman past year was the largest merger in Korea's history. The news which just came out shows that Samsung is committing a $300m fund towards funding the startups, that aim at developing the necessary tech to power an autonomous vehicle.

John Absmeier, vice president of smart machines for the Samsung Strategy & Innovation Center and former director of Delphi Automotive Plc's autonomous vehicle project in Silicon Valley, will lead the new unit, which was announced Thursday at the Frankfurt motor show.

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World's largest auto manufacturers like Volkswagen, GM, and Toyota have realized that the future of auto industry will be driven by technology. It has also developed systems for planes and spacecraft.

Other than Samsung, TTTech has already generated an amount of $54 million from Audi, General Electric and Infineon.

"Automotive advances like autonomous controls and advanced driver assistance systems will have a profound impact on society-from transforming urban spaces to bringing mobility to aging populations".

Samsung Electronics is setting up a new fund to invest in the automotive market.

The demand is rapidly growing with the advancements in connected cars and autonomous driving. It has now announced that a new $300 million fund has been created to focus completely on startups and technologies aimed at developing smarter cars.

"This strategic business unit demonstrates our commitment to answer that call and as a collective force and will combine our resources and networks".

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