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Samsung Strategy and Innovation Center

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Samsung Strategy and Innovation Center
IndustryConsumer electronics
Health technology
Internet of Things
Artificial intelligence[1][2]
Headquarters
Menlo Park, California
,
United States
Area served
Worldwide
Key people
Young Sohn
ParentSamsung Electronics
Websitewww.samsung.com/us/ssic/

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

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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]

References

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