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article imageIntel to spend $250 million to develop self-driving cars

By Owen Weldon     Nov 18, 2016 in Business
Brian Krzanich, CEO of Intel, said his company plans on investing $250 million towards the development of self-driving vehicles. The money will be spent over the course of the next two years.
Intel released a statement saying its investment will help push the boundaries on next-generation connectivity, as well as context awareness, communication, safety, security, deep learning and more.
However, this doesn't mean Intel will be developing its own self-driving cars. It appears that the company is just eyeing up the technology that powers the cars to drive themselves.
Krzanich also said the industry needs to prepare itself for when self-driving cars will generate up to 4,000 GB of data on a daily basis. He added that these cars could save the U.S. economy around $120 billion per year due to wasted fuel and time.
The company has partnered up with a number of self-driving technology makers, such as Mobileye. They have also partnered up with BMW, with the goal of producing fully-autonomous vehicles by 2021.
Intel also said it plans on investing in technologies that will drive global Internet of Things innovation in the transportation industry. This includes areas in which technology can improve safety, efficiency and mobility at a reduce cost.
More about Intel, Cars, selfdriving cars, autonomous cars