Samsung Electronics has announced the creation of a new $300 million fund focused exclusively on the automotive market.
The fund will invest in connected car and autonomous technologies, including smart sensors, machine vision, artificial intelligence, high-performance computing, connectivity solutions, safety solutions, security, and privacy.
The company also announced that audio and connected car systems maker HARMAN, which it acquired earlier this year, has established a new Autonomous/Advanced Driver Assistance Systems (ADAS) Strategic Business Unit.
The unit will report to HARMAN’s connected car division and will work with the Samsung Strategy and Innovation Centre Smart Machines team to develop technologies for safer, smarter, connected vehicles.
“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 the Board of HARMAN.
“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.”
Dinesh Paliwal, President and CEO of HARMAN, said: “There is already a high demand for ADAS solutions, and that demand is rapidly growing with the advancements in connected cars and autonomous driving.”