Samsung added $300 million for connected self-driving technology

Samsung Electronics Co., Ltd. adds US$300 million in funding for autonomous connected vehicles. The smartphone giant at Suwon wants to gain a foothold in the industry's self-driving technology, Samsung Automotive Innovation Fund will focus on securing the driving technology and connected cars independently.

Tinuku Samsung added $300 million for connected self-driving technology

The company said in a press statement that Samsung Automotive Innovation Fund will build self-driving and connected car technologies that include smart sensors, machine vision, artificial intelligence, and connectivity solutions.

The latest fund will be managed by Samsung Strategy and Innovation Center in charge of long-term research and development operations of the company in the United States. Samsung will work with startups in autonomous and connected car technology.

Samsung said the first strategic investment of 75 million euros will be made by TTTech in Austria for functional safety, deterministic networking, real-time systems, and complex software integration for ADAS and automated driving platforms.

Previously the company also invested in automotive startups including AImotive and Renovo for self-driving; Quanergy, TetraVue, and Oculii for sensors; Autotalks and Valens for connectivity, then Graphcore for high-performance computing.

Samsung Electronics is stepping into the automotive technology industry by the end of 2015 by forming a team dedicated to auto parts for infotainment systems and autonomous vehicles. In March this year, the company acquired Harman auto parts supplier for US$8 billion.

Samsung also said Harman established the Strategic Business Unit responsible for automated driving and assistant systems. The new unit is expected to focus on developing critical technologies for safer and more advanced connecting cars.

Samsung Electronics obtained permission to drive automated cars in South Korea in May and California last month. Samsung said it will not make the car it left 17 years ago, the company will focus on supplying software and sensors to self-driving car manufacturers.