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Samsung To Pump $600 Million Into U.S. 'Internet Of Things' Startups

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Samsung To Pump $600 Million Into U.S. 'Internet Of Things' Startups
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Samsung (SAMSUNG ELECTRONIC KRW5000 (OTC: SSNLF)) announced it would invest $1.2 billion over four years for U.S.-based Internet of Things (IoT) R&D and investments with half of them allotted toward startups.

The IoT Appeal

Samsung Electronics Vice Chairman & CEO Oh-Hyun Kwon announced the news in a speech as part of a Samsung-hosted forum on IoT in Washington, D.C.

"Kwon called for his peers to 'start talking and thinking differently about IoT,' with a human-centered approach, embracing the life-changing possibilities of the technology and working together to bring these benefits to society at-large," according to the press release.

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"At Samsung, putting people at the center of everything we do is our highest value," said Kwon. "The same must be true for IoT if we want to realize its full transformative power."

Kwon urged industry and policymakers "to be open and collaborative" over IoT, as he warned that "sector-specific regulations would inherently fragment the development of IoT, impeding devices and platforms from connecting to each other."

Areas Of Interest

A report on Forbes said areas like agriculture, manufacturing, healthcare, the home and infrastructure are particularly intriguing for Samsung.

Of the $1.2 billion, $600 million will be used "to further develop technology for the market coming out of its U.S. facilities, which include a massive $14 billion chip fab in Austin, Texas and its Strategy and Innovation Center in Palo Alto, California."

Samsung has been increasing its focus on IoT, which would be a good platform for the sales of its chips. Last year, it announced its Artik chips designed for powering low-power IoT devices.

Citing Young Sohn, president and chief strategy officer of Samsung Electronics, Forbes said Samsung also thinks the U.S. government should become a customer of its IoT business.

"The government shouldn't be a late adopter," Sohn told Forbes.

Posted-In: Forbes Oh-Hyun Kwon SamsungNews Financing Tech Media Trading Ideas Best of Benzinga

 

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