Samsung, the top smartphone maker in the world by volume, said this week it will invest around $1.2 billion in the United States over four years on technologies related to the Internet of Things (IoT).
Samsung issued a statement on Tuesday that said it will invest through its Silicon Valley divisions, such as the Samsung Global Innovation Center, to develop technologies and strengthen co-operation with startups, without further elaboration on its plans.
Many technology firms around the world are becoming involved in IoT technologies – which allows everyday objects to communicate with each other – as new sources of revenue, while growth for more traditional electronics products like smartphones slows.
Samsung has also been snapping up companies, and at the same time developing new products in recent years, hoping that its efforts will eventually generate a new engine for driving profits.
The South Korean firm separately said it has joined forces with Intel to form the National IoT Strategy Dialogue, an organisation including industry and academic members, to discuss IoT issues such as privacy protection and to advise policymakers on IoT regulation.