Daily Trends Now
Daily Trends Now

Samsung Creates $300 Million Self-Driving Cars Fund

Samsung Creates $300 Million Self-Driving Cars Fund

The Samsung Automotive Innovation Fund will be geared toward furthering the development of related technologies such as sensors, machine vision and safety features required to make the autonomous vehicle dream become a reality. Samsung's existing Strategy and Innovation Center will work with Harman's newly formed Autonomous/ADAS Strategic Business Unit and Connected Car division "to develop key technologies for safer, smarter, connected vehicles", the company said.

The South Korean company, known for its Galaxy smartphones, is launching a new unit dedicated to automotive tech.

Earlier this year, Samsung acquired Harman, an American company that produces auto navigation systems and auto technology that will allow multiple vehicles to communicate with each other. Harman manufactures vehicle infotainment systems, along with "connected car-safety" technologies, including rear-view cameras.

Samsung has already clearly signalled its interest in this area, through its acquisition earlier this year of infotainment and connected auto technology company Harman for $8bn.

Samsung Electronics has established a $300 million Automotive Innovation Fund, focused exclusively on the automotive market.

"The [Harman SBU] fund reflects the company's commitment to the values of open innovation and collaboration", said Young Sohn, president and chief strategy officer of Samsung and chairman of the board of Harman.

"In partnership with OEMs and start-ups, we will make the driver and passenger experience safer, more convenient and more enjoyable".

On top of that, the Korean tech giant is establishing a new autonomous driving unit within Harman, the United States auto parts supplier it acquired earlier this year.

"There is already a high demand for ADAS solutions, and that demand is rapidly growing with the advancements in connected cars and autonomous driving", Harman President and CEO Dinesh Paliwal said in a statement. "At Samsung, we see it as our responsibility to invest in the technologies that will revolutionize the way we live, work, and connect with one another".

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

The two will focus on engineering, high-performance computing, sensor technologies and artificial intelligence, as well as connectivity and cloud solutions that enable ADAS and automated driving, it added.


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