Samsung earmarks US $1billion to acquire AI companies

Samsung is setting aside at least US $1billion to acquire AI companies to enchance the company portfolio and enter the AI arena

    Samsung is said to be contemplating about setting up a new fund to acquire companies working in the field of artificial inteligence, according to local media reports coming out of South Korea. The company is reportedly earmarking at least $1billion to acquire AI tech companies or stakes in the firms.

    Samsung earmarks $1billion to acquire AI companies

    "Despite several recent deals, the management pointed out the company still needed more fundamental investments into AI," an industry source was quoted as saying in the report.

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    The South Korean tech giant over the past year has made several deals purchasing 10 tech firms, which include US car infotainment gaint Harman international and Viv Labs, an AI company founded by the creators of Siri.

    The company's interest and focus on the AI arena in recent times, might be a sign that the company is planing to enter the arena in large scale and incorporating AI into their devices. Further, the company is also expected to incoprorate its AI assistant Bixby with the upcoming Galaxy S8.

    SEE ALSO: Samsung Galaxy S8 and S8 Plus might use Sony batteries

    According to reports, Bixby will eventually be passed on to the company's other devices too, which also helps the company expand and build a robust and versatile portfolio with AI companies under the Samsung brand.

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