Siemens to invest EUR 1 Billion in New Startups Unit

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Siemens to Invest EUR 1 Billion in New Startups Unit

Siemens is increasing its core strengths in automation and electrification
the new unit named “next47” will come into being on October 1
First task might be development of electrically powered planes
German business group Siemens plans to make investments EUR 1 billion ($1.1 billion) over the subsequent 5 years in a new startups unit to assist it develop organizations in areas consisting ofartificial intelligence and decentralised electrification.

The budget might be available to personnel, external startups and established businesses in the event that they want to pursue business ideas in fields which might be strategic to Siemens’ destiny, the trains-to-turbines organization stated on Tuesday.

Siemens, which changed into based in 1847 on the then-new telegraph generation, is expanding itsmiddle strengths in automation and electrification in new directions to stay at the slicing fringe of the digitisation of enterprise.

It stated the first undertaking of its new unit, named “next47” after the yr of the group‘s founding, will be the formerly introduced joint development with Airbus of electrically powered planes.

different critical fields will encompass autonomous machines, networked mobility and blockchainprograms for the secure switch of information in industry and energy trading, the technology on which crypto-currencies which include Bitcoin are based, it stated.

the new unit will come into being on October 1 and will first of all be headed through Siegfried Russwurm, Siemens’ chief generation officer. it’s going to have offices in Berkeley, California, Shanghai, China and Munich, Germany.

© Thomson Reuters 2016

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Tags: net, Siemens, Startups