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Samsung forms IoT initiative with Intel, unveils $1.2 billion investment plan in U.S.

According to Pulse by Maeil Business News Korea,

South Korea’s Samsung Electronics Co. on Tuesday partnered up with Intel Corp. to jointly research and develop Internet of Things (IoT) to help guide policy in the new technology in the United States and pledged $1.2 billion in U.S. IoT ventures.

The two technology giants announced the establishment of National IoT Strategy Dialogue, an initiative to pool wisdom and resources for collaborative development of IoT to make recommendations for policymakers in the U.S. which has a bipartisan act to proliferate IoT in the U.S. To set example, Samsung Electronics promised $1.2 billion investment plan that includes research and development (R&D) spending in the U.S. over the next four years.

Samsung Electronics held a forum on IoT at The Washington Post headquarters on Tuesday, local time, and announced the formation of the National IoT Strategy Dialogue. IoT allows physical and virtual objects to connect with each other via cloud technology to exchange data and information. The purpose of forming the initiative is to expand economic and social influence of IoT and provide industry advice to policymakers. Although Samsung Electronics and Intel are two founding members, more members from the industry and academic circles are expected to join the initiative. The National IoT Strategy Dialogue will be managed by the U.S.-based Information Technology Industry Council (ITI).

Kwon Oh-hyun, vice chairman and chief executive of Samsung Electronics, said that by working with Intel, ITI, and other stakeholders in Washington, it wishes “to find the collaborative path forward in bringing the transformative benefits and solutions of IoT to scale.” Doug Davis, senior vice president of IoT at Intel, also said that he is “pleased to help drive this important technology transformation in the U.S.”

The two tech companies plan to discuss social infrastructure investments and privacy protection issues through the dialogue and provide strategic advice to industry players wishing to nurture the IoT sector. So far, IoT-related groups and bodies had focused on formulating rules and standards to prepare for the IoT age. The National IoT Strategy Dialogue, however, aims to go further by delivering policy recommendations on a national level.

“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. He added that the company plans to strengthen the development of related technologies with the Samsung Strategy and Innovation Center (SSIC) in Silicon Valley and enhance partnerships with startups.

Samsung Electronics has been putting out strategic efforts to become a leading player in the IoT industry, which it sees as a future growth engine. The company has been active in promoting merger and acquisitions to expand its IoT business.

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Jun. 22, 2016)

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