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Samsung commits $300m to connected automotive fund

Samsung commits $ 300m to connected car fund

South Korean electronics giant Samsung and its acquisition Harman look to boost investments in automotive technologies and start-ups. 

Samsung has announced it is setting up a $ 300 million investment fund, in order to push development of self-driving products and technologies and starting a new autonomous division at its subsidiary Harman International.

The Samsung Automotive Innovation Fund will focus on several connected auto and autonomous driving technologies, including smart sensors, machine vision, artificial intelligence, high-performance computing, connectivity solutions, automotive-grade safety solutions, security and privacy.

One of the first investments the fund is making is in TTTech, a company that focuses on functional safety, deterministic networking, real-time systems and complex software integration for advanced driver assistance systems (ADAS) and automated driving platforms.

Additionally, Harman, which was acquired by Samsung earlier this year, has established a new Autonomous/ADAS strategic business unit. This business will report to Harman’s connected car division, and will work with the Samsung Strategy and Innovation Center (SSIC) smart machines team to develop key technologies for safer, smarter, connected vehicles.

Read more: Autonomous driving will create $ 7 trillion “passenger economy”, says Intel

High demand

“There is already a high demand for ADAS solutions, and that demand is rapidly growing with the advancements in connected cars and autonomous driving,” said Dinesh Paliwal, president and CEO of Harman.

“This strategic business unit demonstrates Samsung’s and Harman’s commitment to answer that call – to be the definitive partner for seamless and integrated technologies. 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. Together, we are driving the future of automotive.”

Added Young Sohn, president and chief strategy officer of Samsung Electronics and chairman of Harman: “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.”

“In partnership with OEMs and start-ups, we will make the driver and passenger experience safer, more convenient, and more enjoyable,” he added.

Read more: Samsung to start testing self-driving cars in South Korea

The post Samsung commits $ 300m to connected automotive fund appeared first on Internet of Business.

Internet of Business

Samsung Electronics launches $300m connected car investment fund

Samsung Electronics has announced the launch of the Samsung Automotive Innovation Fund, a $ 300 million (£220.9m) project focused on investing in connected car safety, privacy, and connectivity.

The full list of topics the fund will concentrate on include smart sensors, machine vision, artificial intelligence, and high-performance computing.

Alongside the money, HARMAN, the automotive technology provider acquired by Samsung earlier this year, will establish a new autonomous strategic business unit focused around advanced driver assistance systems (ADAS). The unit will report to the company’s connected car division “to develop key technologies for safer, smarter, connected vehicles,” in the words of the company.

The first strategic investment of the fund will be placed in TTTech, a company which provides networking based on time-triggered technology and modular safety platforms, to the tune of €75m (£66.1m). The company, headquartered in Vienna, can boast Boeing and NASA among its clients, alongside various automotive manufacturers.

“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 chief strategy officer of Samsung Electronics and chairman of HARMAN. “The Autonomous/ADAS Strategic Business Unit and automotive fund reflect the company’s commitment to the values of open innovation in collaboration.

“In partnership with OEMs and startups, we will make the driver and passenger experience safer, more convenient, and more enjoyable,” he added.

HARMAN CEO Dinesh Paliwal added: “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 Samsung’s and HARMAN’s commitment to answer that call – to be the definitive partner for seamless and integrated technologies.”

The keynote to this announcement – as the TTTech investment exemplifies – is around connected car safety. Samsung cited statistics from the World Health Organisation which said road injuries were among the top 10 causes of death worldwide, with more than 35,000 fatal crashes in the US each year alone.

Yet put in a different context, a report from the University of Michigan found that global fatalities from road crashes represented 2.4% of fatalities from all causes, with Oman (9.3%) the highest, Sweden, the UK and Micronesia (0.3%) the lowest, and the US at below the global average at 1.3%.

Read more: Transformers: Assessing the connected car revolution – and what is coming next

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