IoT Startups

Samsung To Invest $1.2 Bn In ‘Internet of Things’ Startups

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Samsung Electronics, crowned as the World’s largest manufacturer of consumer electronics, is determined to bring Internet of Things( IoT) to scale and play its part in improving the way people live their lives on Earth.

Showing its dedication towards this mission, Samsung Electronics Vice Chairman & CEO, Dr. Oh-Hyun Kwon, recently unveiled the company’s vision for ‘Human-Centered IoT.’ The vision charts out a strategy to invest a whopping $1.2 billion on United States based IoT R&D and investments over a period of four years.

The initiative will be spearheaded by Samsung Strategy and Innovation Center, Global Innovation Center and Samsung Research America, part of the company’s United States footprint of more than fifteen thousand dedicated employees across the country.

The announcement about Samsung’s plan for the IoT sector was made by Vice Chairman Kwon in his address at the Samsung-hosted Internet of Things: Transforming the Future event in Washington, D.C.

“I am excited to show how we are moving IoT to the center of our strategy and am delighted to announce that Samsung is planning to spend $1.2 Billion in U.S.-centered IoT investments and R&D over the next 4 years,” said Kwon in his speech.

He further added, “At Samsung, putting people at the center of everything we do is our highest value. The same must be true for IoT if we want to realize its full transformative power. Today, IoT is changing individual lives – helping people to age in their own homes. But tomorrow, using IoT, we can give the same independence to millions of Americans. We can keep people out of hospitals and nursing homes. As our populations live longer, these benefits and cost savings for society cannot be ignored.”

With this investment, Samsung has moved IoT to the center of its strategy, and committed on using connected devices for the collective good of the society.

According to company sources, the company will use the money to focus its attention on IoT applications which have social benefits, such as autonomous vehicles, digital health and smart machines.

This is not Samsung’s first foray into the IoT market. It was just last week that the company had acquired Joyent, a U.S. cloud firm, in order to strengthen its hold on its IoT-related software and services. In 2015, the company also unveiled Artik, which is a System on a Chip that connects objects and the computing power behind those objects.

According to Kwon, in order for the IoT market to grow and flourish, there is a dire need for the policy makers to be as open and collaborative as possible, as according to him, sector-specific regulations could inherently fragment the development of the Internet of Things market.

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Kirti Sharma
She is a fun loving girl who's always scouting for innovative startups and fun entrepreneurs to write about. When not writing, you can find her perched in the corner of her room with her laptop running a serial marathon of her favorite sitcoms.

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