by Angela Guess
Christopher Mims reports in The Wall Street Journal, “Samsung Electronics Co. said Tuesday that it will invest $1.2 billion in the U.S. over four years to boost technologies aimed at adding computing power to everyday devices, a movement dubbed the ‘internet of things.’ The South Korean electronics giant said the funds would be split evenly between internal research and development and investments in other startups. Executives said the funding announcement marked a continuation of Samsung’s increasing openness to partnerships and strategic investments, which it long shunned.”
Mims continues, “Samsung had announced prior initiatives around the internet of things. But executives said the new funding represents an acceleration of the company’s attempt to compete with Intel Corp., Qualcomm Inc. and others to create chips and other hardware that manufacturers can incorporate into gadgets to make them internet-connected. Predictions vary widely, but IDC has forecast that the global internet of things market will be worth $1.7 trillion by 2020. Samsung’s investment will be aimed at a variety of internet-of-things applications, including digital health; ‘smart machines’ such as drones, robots and autonomous vehicles; and companies making software to process the massive data produced by these devices, said Young Sohn, Samsung’s president and chief strategy officer.”
Photo credit: Samsung