Samsung Electronics Co., South Korea's tech giant, said Thursday that it will create a US$300 million fund to strengthen its autonomous driving and other auto-related startups and technologies.
The Samsung Automotive Innovation Fund will focus on connected car and autonomous technologies, including smart sensors, artificial intelligence, connectivity solutions, automotive-grade safety solutions, security and privacy, according to Samsung.
The fund's first strategic investment will be in TTTech, a leader in functional safety, deterministic networking, real-time systems and complex software integration for an advanced driver-assistance system (ADAS) and automated driving platforms, Samsung said.
In addition to the fund, Harman International Industries, acquired by Samsung earlier this year, has established a new autonomous and ADAS business unit, Samsung said.
The two will focus on engineering, high-performance computing, sensor technologies and artificial intelligence, as well as connectivity and cloud solutions that enable ADAS and automated driving, it added.
Samsung has secured licenses for on-road testing of autonomous driving software and hardware under development in South Korea and California.
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