November 24, 2024

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[THE INVESTOR] Samsung Electronics is considering creating a fresh US$1 billion fund to purchase tech firms in the field of artificial intelligence, Chosun Biz reported on Feb. 21.

Citing an unnamed Samsung Electronics official in the US, the report said, the Korean tech giant has recently decided to earmark at least US$1 billion to acquire AI tech companies or stakes in the firms. 

From left are VIV Labs’ Vice President Adam Cheyer, VIV Labs’ CEO Dag Kittlaus and Samsung Electronics’ Vice President Rhee In-jong at a news conference held in Seoul in November last year. Samsung acquired the Silicon Valley-based AI platform company in October.

“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.

Over the past year, Samsung has purchased 10 tech firms, including Harman International, the US car infotainment giant. The US$8 billion Harman deal is the company’s largest-ever purchase.

The report said Samsung may not want to repeat its failure to acquire Google’s Android operating system in 2005. At the time, Android founder Andy Rubin offered to sell the still nascent OS to Samsung but Samsung rejected the offer. Since then, Samsung has never gained leadership on mobile software.

By Lee Ji-yoon (jylee@heraldcorp.com)