German industrial group Siemens plans to invest $1.1 billion over the next five years in a new startup unit 
to help it develop businesses in areas such as artificial intelligence and decentralized electrification.
unit to help it develop businesses in areas such as artificial intelligence and decentralized electrification.
Founded in 1847, Siemens was one of the top manufacturers of cutting-edge telegraph technology. Now, Siemens has plans to stick with some of their core strengths and put more focus into automation and electrification. This new path will help Siemens stay at the cutting edge of the digitization industry.
It said the first project of its new unit, named“next47” after the year of the group’s founding, would be the previously announced joint development with Airbus of electrically powered planes.
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