Tech

Samsung Sets Aside $300M to Develop Automated Driving Tech

Samsung Sets Aside $300M to Develop Automated Driving Tech”

Samsung says the Automotive Innovation Fund will be used to make strategic investments in different connected auto and autonomous technologies.

The announcement comes shortly after Samsung completed its acquisition of American audio and in-car technology firm Harman.

Outlining its objectives Samsung said its goal was to foster technologies that "make cars safer while creating a more comfortable and convenient mobility experience", but is at pains to stress that it has no intention of building a self-driving vehicle of its own.

The Samsung Automotive Innovation Fund will also develop related technologies such as machine vision, sensors, and safety features.

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Samsung is the world's largest maker of memory chips and smartphones. He also bears experience of working in automotive industry, and in fact worked as a former Director at a US-based self-driving auto company, Delphi Automotive. Based out of Austria, TTTech develops platforms and safety software for connected cars. The funds will not directly be used in the development of these products, instead the company will fund into different startups which, in turn, will come up with products.

"During this period of extraordinary transformation in the automotive industry, we are excited to play a leadership role in supporting and shaping the future of smarter, more connected vehicles", said Young Sohn, president and CSO of Samsung Electronics and chairman of the board of Harman. Samsung CEO Dinesh Paliwal said in a phone interview that the move will include an advanced-driver assistance platform with open source software. 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.

The company had previously invested in automotive technology particularly automated driving startups such as AImotive, Renovo; Quanergy, TetraVue, and Oculii for sensors; Autotalks and Valens for connectivity; and Graphcore for high-performance computing. According to a report from Venture Beat, Samsung Electronics is seeking to diversify into the growing autonomous driving industry. It will tackle everything from the algorithms that enable autonomous driving to hardware integration and more.



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