Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Samsung to invest more than £17 billion in AI and IoT in the next three years

Samsung has announced its plan to invest $22 billion (roughly £17 billion) in artificial intelligence (AI), auto components and other future businesses in the next three years.

As part of their overall $160 billion (roughly £124 billion) plan, the South Korean tech giant said they will increase the number of researchers they had across its global AI centres in the UK, Canada, Russia, US and South Korea to 1,000.

Samsung also confirmed the majority of the investment will be spent in Korea, with plans to hire 40,000 new employees overall.

“Samsung expects innovations powered by AI technology will drive the industry’s transformation, while the next-generation 5G telecommunications technology will create new opportunities in autonomous driving, the Internet of Things (IoT) and robotics”, the company wrote in a press release.

The new investments will also fund the development of electronic components for future cars and biopharmaceuticals, with plans to invest in drugs used to treat “chronic and difficult-to-cure diseases.”

The move comes shortly after CEO Lee Jae-yong was convicted on corruption charges, jailed and released early on probation. It has been noticed how this investment could also be an attempt by Samsung to re-establish their reputation in front of the Korean and global public.

With the South Korean tech giant now being the world’s leading electronics manufacturer surpassing Intel last January, this substantial investment is bound to impact the AI and IoT world significantly.

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BY SHACK15

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