Samsung Electronics Ltd, said on Tuesday that it plans to invest about $1.2 billion in the United States over the next four years on internet of things (IoT) technologies.
In a statement, Samsung said it will make the investments through its Silicon Valley arms such as the Samsung Global Innovation Center in order to develop relevant technologies and strengthen cooperation with startup companies. The firm did not elaborate on its plans.
Samsung has been acquiring companies while developing new products and services in recent years in hopes that such efforts will eventually yield a new profit engine.
The South Korean firm and Intel Corp have partnered to form the National IoT Strategy Dialogue, an organisation composed of industry and academic members that will discuss IoT-related issues such as privacy protection and advise US policymakers on IoT-related regulation.
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