Samsung to buy US healthcare services company Xealth
The South Korean company did not disclose the value of the transaction.
Samsung said the two companies hoped to create "synergy between Samsung's advanced wearable technology and Xealth's digital health platform" which runs digital health programs and manages data linking care providers, including more than 500 U.S. hospitals, with their patients.
The acquisition comes as Samsung steps up efforts to diversify beyond its core semiconductor and smartphone businesses. Samsung has been betting on the medical sector as one of its new growth engines, along with consumer audio, cooling and heating systems, and robotics.
In May, Samsung Electronics agreed to buy Germany's FlaktGroup for 1.5 billion euros ($US1.68 billion) as it looks to meet growing demand for cooling of data centres used for artificial intelligence projects.
Samsung, led by Chairman Jay Y. Lee, said at a shareholder meeting in March that it was looking for "meaningful" deals this year to drive growth after having lagged rivals in tapping the AI chip boom led by Nvidia.
Samsung earlier on Tuesday projected a far worse-than- expected 56 per cent plunge in second-quarter operating profit due to weak AI chip sales, deepening investor concerns over the tech giant's ability to revive its struggling semiconductor business.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
S&P 500 and Nasdaq close at records
The S&P 500 climbed 0.40% to end the session at 6,388.64 points. The Nasdaq gained 0.24% to 21,108.32 points, while the Dow rose 0.47% to 44,901.92 points. NEW YORK: The S&P 500 and Nasdaq notched record high closes on Friday, lifted by optimism the US could soon reach a trade deal with the European Union, while Deckers Outdoor surged following a strong quarter for the maker of UGG boots and Hoka sneakers. European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend. Trump said earlier that the odds of a US-EU trade deal were "50-50".
The Star
2 hours ago
- The Star
Spear AI raises first round of funding to apply AI to submarine data
John McGunnigle, co-founder of Spear AI, stands aboard the U.S. Navy nuclear submarine USS New Hampshire, which he commanded before retiring and entering the private sector, in this undated handout image. Spear AI/Handout via REUTERS SAN FRANCISCO (Reuters) -A startup founded by U.S. Navy veterans aiming to help the U.S. military use artificial intelligence to decipher data gathered by submarines has raised its first round of outside capital. Washington-based Spear AI specializes in working with what is known as passive acoustic data, which is gathered by listening devices underwater. Its long-term aim is to use AI to help submarine operators understand whether an object heard could be a rain squall, a whale, or a vessel that could be a threat, and to detect where it is and how fast it is moving. The challenge isthat most existing AI tools are trained on data such as words or images that have been painstakingly labeled and organized over years or decades by companies such as Scale AI, which recently signed a $14.8-billion deal with Meta Platforms. Data from acoustic sensors is different. Spear AI co-founders Michael Hunter, a former U.S. Navy SEAL analyst, and John McGunnigle, a former nuclear submarine commander for the U.S. Navy, are building a hardware and software platform that aims to prepare that data for AI algorithms. The company sells sensors that can be attached to buoys or vessels and a software tool to help label and sort the data gathered by the sensors to make it ready to be put into AI systems. The U.S. Navy this month awarded Spear AI a $6-million contract for its data-labeling tool. Spear AI, founded in 2021, has been self-funded and has about 40 employees. Hunter, the CEO, said it raised $2.3 million from AI-focused venture firm Cortical Ventures and private equity firm Scare the Bear. The funding will be used to double the company's headcount to support its government contracts and commercial business prospects, such as monitoring underwater pipelines and cables. Hunter said Spear AI also aims to sell consulting services, a model similar to defense tech firm Palantir. "We wanted to build the product and actually get it out the door before the contract came in to get it," Hunter told Reuters. "The only way you can do that is with private capital." (Reporting by Stephen Nellis in San FranciscoEditing by Rod Nickel)
The Star
2 hours ago
- The Star
Oil eases to 3-week low on negative economic news
Brent crude futures fell 76 cents, or 1.1%, to US$68.42 a barrel by 1:44 p.m. EDT (1744 GMT), while US West Texas Intermediate (WTI) crude fell 91 cents, or 1.4%, to US$65.12. NEW YORK: Oil prices eased to a three-week low on Friday on negative economic news from the United States and China and signs of growing supply despite optimism US trade deals could boost global economic growth and oil demand in the future. Brent crude futures fell 76 cents, or 1.1%, to US$68.42 a barrel by 1:44 p.m. EDT (1744 GMT), while US West Texas Intermediate (WTI) crude fell 91 cents, or 1.4%, to US$65.12.
