Focusing on IoT Convergence: Samsung Electronics Will Raise Big Fund to Expand IoT Ecosystem | BusinessKorea

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Samsung Electronics will expand a Samsung-led IoT ecosystem by raising the 180-billion-won (US$150 million) Samsung Next Fund for promising start-ups including those in the IoT sector.
Samsung Electronics will expand a Samsung-led IoT ecosystem by raising the 180-billion-won (US$150 million) Samsung Next Fund for promising start-ups including those in the IoT sector.
SEOUL,KOREA
6 January 2017 - 11:15am
Cho Jin-young

Samsung Electronics unveiled a strategy to take control of high-tech information technology (IT) convergence business that ranges from the internet of things (IoT) to artificial intelligence (AI) at the Las Vegas CES 2017 in the United States. Samsung Electronics decided to foster promising start-ups including those in the IoT sector and expand a Samsung-led IoT ecosystem by raising the 180-billion-won Samsung Next Fund.

Samsung Electronics is planning to launch a new service that will connect home electronics and IT products at home via Wi-Fi and control it with "one application" based on an open IoT platform and Samsung's own cloud service this year.

Yoon Boo-keun, president of Samsung Electronics’s Consumer Electronics (CE) Divison, held a press conference prior to the opening ceremony of the CES 2017 on January 4 (local time). "Samsung Electronics will concentrate on expanding an IoT ecosystem by raising the US$ 150 million Samsung Next Fund," Yoon said in the press conference. "The fund will focus on fostering start-ups with promising software and service technologies including the IoT sector around the world."

Based on these capabilities, Samsung Electronics will strengthen its products and services with IoT connectivity throughout consumer lifestyles ranging from 'smart homes', 'smart offices' and 'smart cars,' going beyond smartphones. Starting with Samsung Electronics' main consumer electronics products and TVs within this year, most of Samsung’s products will be linked to one another by 2020,.

In particular, Samsung's Family Hub 2.0 unveiled on January 4 can provide users with the most appropriate information based on accumulated data by recognizing users' voices by means of cloud-based IoT technology.

 

 

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