Samsung Strategy and Innovation Center explained

Samsung Strategy and Innovation Center
Hq Location City:Menlo Park, California
Hq Location Country:United States
Area Served:Worldwide
Key People:Young Sohn
Industry:Consumer electronics
Health technology
Internet of Things
Artificial intelligence[1] [2]
Parent:Samsung Electronics

Samsung Strategy and Innovation Center (SSIC) is a division of Samsung Electronics. It works with entrepreneurs and corporate partners to invest in disruptive technologies, such as artificial intelligence, digital health, mobility, the Internet of Things, and other consumer-facing applications of data-driven technology.[3] [4] [5]

SSIC was founded in 2012 and is headquartered in Menlo Park, California with additional locations in San Jose, California, Paris, France, Tel Aviv, Israel and Seoul, South Korea.[6] SSIC is led by Young Sohn, Samsung Electronics' president and chief strategy officer.[7]

History

In February 2013, Samsung announced it was establishing the Samsung Strategy and Innovation Center to create a "global engine to accelerate innovation and to drive new business creation."[8] [9] As part of that effort, Samsung also launched the Samsung Catalyst Fund, a multi-stage venture capital fund that operates with SSIC to expand Samsung's mobile, device solutions and consumer electronics groups.[10] Young Sohn, Samsung's president and chief strategy officer, was appointed to lead SSIC at the time of its founding.[11]

In 2014, SSIC launched the Smart Health Initiative and announced a health technology platform, Simband. It is a wearable digital health device with a custom sensor module that developers use to design digital health algorithms, analyze real-time health data, and connect to a data exchange platform.[12] In 2015, SSIC announced the Samsung ARTIK platform for IoT applications,[13] and the Samsung ARTIK Challenge, which invited contestants to develop technology to reduce global water consumption.[14] In 2016, SSIC partnered with Nestlé's Institute of Health Sciences on IoT and nutrition science to develop applications for personalized fitness and nutrition data.[15]

In 2017, SSIC helped secure the $8 billion acquisition of Harman International Industries. Young Sohn was appointed Chairman of the Harman board of directors upon the acquisition's completion.[16] [17] That same year, SSIC established the $300 million Samsung Automotive Innovation Fund to invest in the automotive sector.[18]

In 2018, SSIC introduced Samsung DRVLINE, an open, modular, and scalable autonomous vehicle platform.[19] Samsung decided in 2018 to shut down the ARTIK business that had been started by SSIC in 2015.[20]

External links

Notes and References

  1. Web site: Wearable AI Detects Tone Of Conversation To Make It Navigable (And Nicer) For All . Burns . Janet . 2017-02-06 . Forbes . en . 2019-02-05.
  2. Web site: Samsung hosts insider expo for growth with 'disruptive technologies' . Su-hyun . Song . 2017-10-29 . The Korea Herald . en . 2019-02-05.
  3. Web site: Samsung's next big thing: Gaining street cred in Silicon Valley . Tibken . Shara . 2014-11-10 . Cnet . en . 2019-02-05.
  4. Web site: Samsung showcases the future of connected living at CES . 2019-01-08 . TradeArabia . en . 2019-02-05.
  5. Web site: Samsung Will Invest $1.2 Billion Into US For 'Internet Of Things' . Tilley . Aaron . 2016-06-21 . Forbes . en . 2019-02-05.
  6. Web site: Samsung Is Building A $300 Million HQ Just 20 Minutes Away From Apple . Dickey . Megan Rose . 2013-07-10 . Business Insider . en . 2019-02-05.
  7. Web site: Inside Samsung's innovation center: The Israel hub hothousing the next big thing in tech . Lilien . Niv . 2015-03-05 . Zdnet . en . 2019-02-05.
  8. Web site: Samsung to put $1.1 billion toward new innovation center, business creation . Silbert . Sarah . 2013-02-04 . Engadget . en . 2019-02-06.
  9. Web site: Samsung sets up new $100 million venture fund in Silicon Valley . Wolverton . Troy . 2013-02-04 . The Mercury News . en . 2019-02-06.
  10. Web site: Samsung Details Investment Strategy At Third Annual CEO Summit In San Francisco . Su . Jean Baptiste . 2017-10-11 . Forbes . en . 2019-02-06.
  11. Web site: Samsung Launches Strategy And Innovation Center, Will Invest $1.1 Billion On Innovation Through Two Funds . Lawler . Ryan . 2013-02-04 . TechCrunch . en . 2019-02-06.
  12. Web site: Samsung Introduces A Wearable Health Tracker That Geeks and Insurance Companies Will Love . Truong . Alice . 2014-05-28 . Fast Company . en . 2019-02-06.
  13. Web site: Samsung debuts Artik, its new software n' chips for the Internet of Stuff . McAllister . Neil . 2015-05-13 . The Register . en . 2019-02-06.
  14. Web site: Samsung's Challenge Tackles Drought with IoT . Kraft . Caleb . 2016-08-15 . Make . en . 2019-02-06.
  15. Web site: Samsung and Nestlé team to develop digital platform for better health . Keenan . Joseph . 2016-07-29 . FierceBiotech . en . 2019-02-06.
  16. Web site: Samsung completes $8 billion Harman acquisition . Mu-Hyun . Cho . 2017-03-11 . Zdnet . en . 2019-02-05.
  17. Web site: Samsung creates $300 million fund and new business unit for autonomous driving tech . Sawers . Paul . 2017-09-14 . Venture Beat . en . 2019-02-05.
  18. Web site: Samsung launches $300M autonomous driving fund, puts $90M into TTTech . Lunden . Ingrid . 2017-09-14 . TechCrunch . en . 2019-02-05.
  19. Web site: Samsung introduces autonomous driving platform called DRVLINE . Krishna . Swapna . 2018-01-08 . Engadget . en . 2019-02-05.
  20. Web site: BusinessKorea . Samsung Electronics to Shut Down IoT Platform ARTIK Business . Herh . Michael . 2018-12-12 . 2019-09-06.

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