EMERGING TECH
EMERGING TECH
EMERGING TECH
Samsung sets aside $300M to invest in self-driving car tech
Samsung Electronics Co. Ltd. is redoubling its efforts to establish a foothold in the fast-moving auto industry.
The South Korean technology giant today launched a $300 million fund that will back companies developing autonomous driving systems and other promising vehicle technologies. Samsung isn’t wasting any time: it has already committed to making a €75 million ($89.3 million) investment in Austria’s TTTech Computertechnik AG.
The Vienna-based firm offers an array of software tools and electronic components for automakers. One of the centerpieces of its portfolio is MotionWise, a development platform for programming the chips that power autonomous driving systems.
TTTech’s technology among others supports the autopilot feature that was introduced in the 2017 model of the Audi A8 luxury sedan. Samsung stated that the planned investment will “complement” TTTech’s partnership with the German auto giant, which provides a hint as to the motivation behind the new fund.
Samsung must forge strong relationships in the auto industry to open up revenue channels. That’s why the other tech giants involved in the self-driving car movement are working so hard to strike partnerships with key manufacturers. Investing in established players such as TTTech, which works with several automakers besides Audi, is a good way for Samsung to lay the necessary groundwork.
The company’s goal appears to be becoming a supplier to makers of autonomous vehicles. According to South Korean media, Samsung is developing artificial intelligence modules and specialized car sensors as part of the effort.
The company already manufactures computer components such as memory chips that are necessary for any Internet-connected vehicle. Moreover, it obtained a sizable car electronics business through the $8 billion acquisition of Harman International Industries Inc. last year.
Alongside the new fund, Samsung announced the formation of an autonomous driving group that will operate under Harman’s wing. The unit is set to develop “key technologies for safer, smarter, connected vehicles.”
Image: Samsung
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