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Nov 17, 2016 05:44 AM EST

Intel: Spending $250 Million to Develop Autonomous Tech for Self-Driving Vehicles [Video]

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Intel CEO Brian Krzanich announced in his keynote address at the Los Angeles Auto Show that Intel is investing over $250 million in developing autonomous vehicle technologies within the next two years.

Aside from going into the vehicle autonomy, Krzanich also added that the company will set its focus on connectivity and communication, context awareness, deep learning, security and safety. It's a clear sign that Intel would like to play a major role in the future of automobiles.

According to the Verge, that does not mean though that Intel will be making its own fleet of self-driving vehicles, instead, the company is eyeing the technology that powers self-driving cars than building the car itself.

Krzanich also added that the industry must prepare for the time autonomous cars will generate up to 4,000 GB of data daily. He also believes self-driving cars will ultimately save the U.S. economy $121 billion a year due to wasted time and fuel, according to Carscoops.

Mentioned in his keynote address is Intel's possible partnership in developing the tech for BMW. BMW in a report was also said to be collaborating with Mobileye, a supplier of driver assistance systems and sensors. The company also supplies a large percentage of auto manufacturers engaged in developing autonomous vehicles by 2021.

Many production vehicles offer a partial form of automation. Systems more advanced like those used by Tesla's Autopilot and GM's Super Cruise are present, but none can truly claim a fully self-driving car. There is still an opening for a car that will take you anywhere without ant human intervention.

Though not known for software, Intel is gearing up its stakes by delving into AI machine learning and getting more into the Internet-of-things. Moreover, it is not the only company who are investing in the development of self-driving cars. To list two, there is Nvidia and Baidu are working on a self-driving car platform.

Intel has developed called Advanced Driver Assisted Systems and Software Defined Cockpits. The platforms are built around Intel's Atom and Xeon processors that are capable of vision processing, machine learning, security and 5G connectivity.

Aside from BMW, Intel has booked over $1 billion in contracts during the last 12 months in partnerships with Daimler, Lexus, Kia, Jaguar, Rolls-Royce, Toyota, Hyundai, and even Tesla.

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