The Samsung Electronics Company has announced its intention to invest 75 million euros in a Vienna (Austria) based company, called TTTech. TTTech create and develop autonomous driving technologies along with safety controls for various car companies, including Audi. Samsung is showing an increased interest in this technology.
Samsung has recently completed the purchase of Harman. Harman is a company that develops and makes car navigation systems, and technology that enables cars to communicate with each other, as well as with infrastructure. With this purchase completed, Samsung has created a new business unit within Harman, and this unit will be responsible for autonomous driving.
Samsung have a $300 million fund, which is aimed at increasing its autonomous driving technology. This investment in TTTech is the first and will be followed by investment in automotive start-ups.
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Samsung is the largest maker of memory chips and smartphones in the world. Although is does not own an automobile company or produce vehicles, the company has obtained licences for self-driving cars in South Korea, as well as licences to test software and hardware for autonomous driving in California.