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Siemens to Invest in Blockchain Startups

German engineering giant Siemens plans to invest in blockchain startups and projects through a newly created business unit backed by $1.1bn.

Updated Sep 11, 2021, 12:21 p.m. Published Jun 28, 2016, 6:04 p.m.

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".

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Siemens said in a statement:

"The new unit will also concern itself with so-called blockchain applications that are designed to make data transfer in industry and in energy trading, for example, simpler and more secure."

The new unit, dubbed "next47", will open offices dedicated to the effort in China, Germany and the US.

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Stan Higgins

A member of CoinDesk's full-time Editorial Staff since 2014, Stan has long been at the forefront of covering emerging developments in blockchain technology. Stan has previously contributed to financial websites, and is an avid reader of poetry. Stan currently owns a small amount (<$500) worth of BTC, ENG and XTZ (See: Editorial Policy).