Just don't expect Samsung to unveil its own vehicle any time soon. Dubbed the Samsung Automotive Innovation Fund, it'll focus not only on fully driverless systems but advanced driver-assistance systems (ADAS) too.
Samsung isn't in the business of manufacturing cars but it surely wants to do something about making cars smarter.
The company has already pledged $8 billion into advancing the technology, and now the electronics giant is starting a fund dedicated to the industry.
Samsung Electronics announced on September 14 that it has made a decision to create the Samsung Automotive Innovation Fund worth US$300 million (340.8 billion won).
Samsung Electronics established the Samsung Automotive Innovation Fund, a new $300-million fund focused exclusively on the automotive market. The fund will focus on securing autonomous driving and connected auto technologies, such as smart sensors, machine vision, artificial intelligence, connectivity solutions and security.
"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", Young Sohn, president and chief strategy officer of Samsung, said in a statement.
The Samsung Automotive Innovation Fund will also develop related technologies such as machine vision, sensors, and safety features.
The announcement comes two weeks after the California Department of Motor Vehicles revealed Samsung was granted a self-driving vehicle permit in that state, adding to the ones that the company already had in its home country.
The automotive parts business is considered one of Samsung's core future businesses, including biotechnology and Internet of Things.
"This strategic business unit demonstrates our commitment to answer that call and as a collective force and will combine our resources and networks". Previous investments have included automated driving startups AImotive, Renovo; Quanergy, TetraVue, and Oculii for sensors; Autotalks and Valens for connectivity; and Graphcore for high-performance computing, the company noted.
It has a long-standing relationship with one of its investors, automotive manufacturer Audi, and has created automated driving systems for another carmaker, Volkswagen, which have been successfully piloted.