Samsung looking to spend $1 billion to buy artificial intelligence companies

Local media reports out of South Korea today suggest that Samsung is thinking about setting up a new fund to acquire companies working in the field of artificial intelligence. The company is reportedly thinking about setting aside $1 billion for this purpose. An unnamed Samsung Electronics US official cited in the report claims that Samsung has decided to set aside this massive amount of money for acquisitions of AI companies.

Even though it has made several deals recently, Samsung’s management reportedly came to an agreement that the company needs to make more fundamental investments in artificial intelligence. Samsung’s most notable acquisition in this arena came last year when it announced the acquisition of Viv Labs, an artificial intelligence company founded by the creators of Siri.

Samsung’s recent focus on artificial intelligence might stem from the fact that it’s looking to move into this space in a big way. The company is expected to introduce its AI assistant Bixby with the Galaxy S8. Reports suggest that Bixby will eventually trickle down to other Samsung products so the company can do well with a robust portfolio of AI companies under its wing that continue to improve and enhance its AI offerings.

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