Samsung launches $300M autonomous driving fund, puts $90M into TTTech

From Techcrunch


Not to be outpaced in the connected car market by other tech giants, today the world’s largest smartphone maker, Samsung, announced two major pieces of news to take its automotive strategy up a gear. It has launched the Samsung Automotive Innovation Fund, a $300 million fund to back startups and other interesting bets in the automotive market. And as a first investment out of that fund, Samsung has put €75 million (nearly $90 million) into TTTech, an Austria-based developer of platforms and safety software for connected cars, alongside a corresponding investment from Audi.

In addition to this, Samsung also announced a strategic initiative to develop connected-car technology with Harman, the auto and audio product maker that it acquired last November for $8 billion.

“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,” said Young…

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