Samsung Electronics has announced the launch of a $300m fund to invest in autonomous driving technology.
Displaying its commitment to the autonomous industry, Samsung Electronics said the innovation fund will primarily focus on connected car and autonomous technologies. Among this will include the development of smart sensors, artificial intelligence, and security and privacy solutions.
Samsung’s investment fund was announced after the electronics company acquired Harman, a car technology, infrastructure and car
communications manufacturer, earlier this year. Both will work together to develop autonomous driving technology as a joint business unit.
In addition to the $300m fund Samsung has invested around $90m into TTTech to develop connected car platforms and safety software.
Young Sohn, President and Chief Strategy Officer at Samsung Electronics and Chairman of the Board of Harman, said: “We are excited to play a leadership role in supporting and shaping the future of smarter, more connected vehicles.
“In partnership with OEMs and start-ups, we will make the driver and passenger experience safer, more convenient and more enjoyable.”
How has Samsung already made efforts to compete with Silicon Valley giants?
Rivals in the industry also enter the autonomous vehicle market
UK consumers embrace autonomous vehicle developments
Although Samsung has made it clear their desire to invest and produce autonomous vehicle technology, there is no known date as to when the innovations will take to the streets formally other than for testing purposes.
Dinesh Paliwal, President and CEO of Harman said: “There is already a high demand for ADAS solutions and that demand is rapidly growing with the advancements in connected cars and autonomous driving.
“This strategic business unit demonstrates our commitment to answer that call and as a collective force and will combine our resources and networks. Together, we are driving the future of automotive.”
Across South Korea and California Samsung has already secured driving licences for autonomous vehicle testing. The Electronics firm will focus on the technology development of autonomous vehicles, while automakers will manufacturer the vehicle itself.
