Samsung enters the self-driving cars industry

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To strengthen their capabilities in the connected car and autonomous technologies space, Samsung has established a $300 million fund aimed at supporting auto-related technology startups. As its initial investment, Samsung will invest €75 million (around $90 million) in TTTech, an Austria-based software company that runs the semi-autonomous and automatic safety features of the latest Audi A8. This investment follows Samsung’s $8 billion acquisition of HARMAN, a leader in connected car technology. The company made it clear through a press release that it has no plans of manufacturing its own smart vehicles. Rather, its aim is to build an open-source suite of self-driving software solutions.

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