Samsung has announced its new Samsung Automotive Innovation Fund – a $300 million investment venture that will enable the Korean tech giant to develop connected and autonomous car systems.
The announcement comes shortly after Samsung completed its acquisition of American audio and in-car technology firm Harman. 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.
“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 Samsung chief strategy officer, Young Sohn. “The Autonomous/ADAS Strategic Business Unit and automotive fund reflect the company’s commitment to the values of open innovation and collaboration. In partnership with OEMs and startups, we will make the driver and passenger experience safer, more convenient, and more enjoyable.”
SEE ALSO: Samsung Begins Testing its Own Self-Driving Car
Samsung says the Automotive Innovation Fund will be used to make strategic investments in different connected car and autonomous technologies. Unlike Apple’s autonomous car division, Samsung’s won’t focus solely on software. It will tackle everything from the algorithms that enable autonomous driving to hardware integration and more. The first investment it will make will be in TTTech, a company Samsung says is “a leader in functional safety, deterministic networking, real-time systems, and complex software integration for ADAS and an automated driving platform.”
Samsung says it has secured licenses to test autonomous cars on-road in Korea and California. It also made it clear it will not enter the car manufacturing business, electing to remain focused on working with existing automakers and mobility companies to help develop future automotive innovations.
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