Samsung launches $300m fund for CAV innovations
Samsung Electronics has set up a $300m fund to develop innovations for connected and autonomy vehicles (CAVs). In a statement issued today (14 September ), the technology company said that the Samsung Automotive Innovation Fund will focus on a range of technology issues, “including smart sensors, machine vision, artificial intelligence, high-performance computing, connectivity solutions, automotive-grade safety solutions, security, and privacy”.
Meanwhile, Samsung’s recently-acquired subsidiary HARMAN has set up a new Autonomous/ADAS Strategic Business Unit (SBU) which will work with the Samsung Strategy and Innovation Center (SSIC) Smart Machines team to develop key technologies for “safer, smarter, connected vehicles” and Advanced Driver Assistance Systems (ADAS).
“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.”
The first strategic investment of the Samsung Automotive Innovation Fund will be in TTTech, a leader in functional safety, deterministic networking, real-time systems, and complex software integration for ADAS and automated driving platforms. Earlier investments by Samsung’s existing investment funds have included stakes in automotive startups, including AImotive and Renovo for automated driving; Quanergy, TetraVue, and Oculii for sensors; Autotalks and Valens for connectivity; and Graphcore for high-performance computing.
Samsung also reiterated that its plan is to work with car manufacturers, and not make its own vehicles.