Samsung is seeking to diversify into the nascent autonomous driving industry through establishment of a $300m fund to invest in start-up businesses specializing in self-driving cars.
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.
Outlining its objectives Samsung said its goal was to foster technologies that “make cars safer while creating a more comfortable and convenient mobility experience,” but is at pains to stress that it has no intention of building a self-driving car of its own.
Young Sohn, president and chief strategy officer of Samsung Electronics, said: “Automotive advances like autonomous controls and advanced driver assistance systems will have a profound impact on society—from transforming urban spaces to bringing mobility to aging populations. At Samsung, we see it as our responsibility to invest in the technologies that will revolutionize the way we live, work, and connect with one another.”
One of the first beneficiaries of Samsung’s largesse will be TTTech, an Austrian firm specialising in the software integration necessary for automated driving platforms.
Samsung’s move pitches it against the likes of Alphabet and Tesla who are busily engaged in developing their own autonomous driving technology.