Samsung pumps $300m into autonomous driving fund

15 September, 2017, 00:38 | Author: Alicia Barber
  • Samsung launches $300M autonomous driving fund, puts $90M into TTTech

The Samsung Automotive Innovation Fund will be geared toward furthering the development of related technologies such as sensors, machine vision and safety features required to make the autonomous vehicle dream become a reality. Based out of Austria, TTTech develops platforms and safety software for connected cars.

The South Korean company, known for its Galaxy smartphones, is launching a new unit dedicated to automotive tech. Harman manufactures auto infotainment systems, along with "connected car-safety" technologies, including rear-view cameras.

In 2015, Samsung's venture investment arm led a $6.5 million funding round for a connected vehicle device developed by Dallas-based Vinli Inc.

"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.

Arsene Wenger speaks about Europa League issues ahead of Chelsea clash
The three-time Champions League victor has scored 181 goals in Madrid but could be forced to make way for new signings coming in. Nevertheless, in Alexis Sanchez and Olivier Giroud , the Arsenal boss has enough firepower to topple the struggling Germans.

Samsung does not plan to manufacture cars, the company said in its press release. Samsung CEO Dinesh Paliwal said in a phone interview that the move will include an advanced-driver assistance platform with open source software.

In addition to the fund, connected auto technology company, Harman, which was acquired by Samsung earlier this year for $8 billion, has established a new Autonomous/ADAS Strategic Business Unit.

The autonomous driving unit will explore a wide range of elements that bring self-driving cars to the forefront, including driving algorithms and systems integration. Samsung has entered into a strategic partnership with the networking and safety solutions company, and joins Audi as a major investor following an investment of €75m (£68m) to promote the development of safe autonomous vehicles. "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 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.

Recommended:



Popular

Pregnant Maryland teacher who went missing found dead
Her boyfriend, Tyler Tessier , had stood with her parents Monday at a news conference and made a soulful plea for her safe return. Wallen, 31, a history teacher at Wilde Lake High School in Columbia, was last heard from September 4 at her condominium in Olney.

Rebel Wilson wins Australia's highest defamation pay out
Australian actress Rebel Wilson has won a NZ$5 million legal payout from the publisher of articles calling her a serial liar. She had sought more than AU$7 million. "But I think when I did go to America, I kind of just stopped saying my age".

Man City GK claims Arsenal star was "bitter" he didn't join
City were reported to have agreed a fee of around £60 million ($79 million, 66 million euros) for Sanchez, who played under Guardiola at Barcelona .

Gennady Golovkin has amusing comment about his 'GGG' alter ego
Using lateral movement, GGG stalks his opponents to the ropes or corners, where many of his knockouts take place. EST. "I rate Canelo as pound for pound the best fighter in the world now that Mayweather has retired again".

Only Canadians with dealings in United States likely affected
Equifax's website said "System Currently Unavailable - Error 500" and suggested consumers try contacting the other credit bureaus. But really, we just have to take a moment and let our collective jaws hang open in abject stupefaction.