German engineering giant Siemens plans to invest in blockchain startups and projects through a newly created business unit backed by $1.1bn in capital.
The company announced today that it would spend the money over a five-year period, focus on areas related to artificial intelligence and next-generation propulsion systems for smaller aircraft, as well as "decentralized electronification".
Siemens said in a statement:
The new unit, dubbed "next47", will open offices dedicated to the effort in China, Germany and the US.
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