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Samsung Creates $300M Autonomous Driving Fund

Samsung is making a huge investment in autonomous driving.

The company on Thursday announced it has established a $300 million fund, which will focus on "connected car and autonomous technologies, including smart sensors, machine vision, artificial intelligence, high-performance computing, connectivity solutions, automotive-grade safety solutions, security, and privacy."

On top of that, the Korean tech giant is establishing a new autonomous driving unit within Harman, the US auto parts supplier it acquired earlier this year. The new Harman unit will work with Samsung's Smart Machines team to develop new technologies for 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," Samsung Electronics President and Chief Strategy Officer Young Sohn said in a statement.

Samsung said its goal with these efforts is to bring new technologies to market that "will help make cars safer while creating a more comfortable and convenient mobility experience."

Just don't expect Samsung to unveil its own car any time soon. The company said it "will not enter the car-manufacturing business." Instead, Samsung will work with automakers and other mobility companies to "develop the next generation of automotive innovation."


Meanwhile, Samsung has already secured the appropriate licenses to test its automated driving software and hardware on roads in Korea and California.

The first investment from Samsung's new Automotive Innovation Fund will go to Austria-based TTTech, which develops safety controls for advanced driver assistance systems (ADAS) and autonomous driving platforms.

"There is already a high demand for ADAS solutions, and that demand is rapidly growing with the advancements in connected cars and autonomous driving," Harman President and CEO Dinesh Paliwal said in a statement.

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