Samsung Electronics plans to invest US$1.2 billion in the United States over the next four years to support the development of technologies related to the so-called Internet of Things (IoT).
The South Korean firm said on Tuesday that the money will be split evenly between internal research and development and investments in outside startups, the Wall Street Journal reported.
The investment will be aimed at a variety of IoT applications, including digital health; “smart machines” such as drones, robots and autonomous vehicles; and firms making software to process the data produced by these devices, Samsung’s president Young Sohn was quoted as saying.
Internal investments will go to Samsung’s two research facilities in Silicon Valley, to help them step up focus on technologies that will add computing power to everyday devices.
The initiative comes as the global IoT market is expected to grow to US$1.7 trillion by 2020.
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