Samsung to invest $150 million in early-stage emerging tech startups
Samsung NEXT (formerly Samsung Global Innovation Center) today announced the creation of the Samsung NEXT Fund, a $150 million venture capital investment fund, to increase Samsungâ€™s global support of early stage startups pursuing advanced software and services innovation.
The Fund enables Samsung NEXT to build upon its multi-stage global innovation platform to empower tech entrepreneurs with funding, resources and deep-domain expertise.
â€œWe see software and services becoming a core part of Samsung Electronicsâ€™ DNA, and startups are key to achieving this vision,â€ said David Eun, President and Founder of Samsung NEXT. â€œSamsung continues to embrace entrepreneurship at all levels and this Fund shows our unwavering commitment to support great startups worldwide.â€
The Fund targets pre-Seed to Series B investments with a focus on virtual reality, artificial intelligence, IoT and other new frontier technologies.Â Companies that have received capital from the Fund so far include: Converge Industries, Dashbot, Entry Point VR, Filament, Intezer, LiquidSky, Otto Radio, 2Sens, SafeDK and Virtru.
â€œOur investments bring the power of the Samsung platform to startups to accelerate their growth and ultimately their success,â€ said Brendon Kim, VP and Managing Director of Samsung NEXT Ventures. â€œThe Samsung NEXT Fund expands our global reach and capabilities while increasing Samsungâ€™s access to more great ideas, products, and talent.â€
In September, Samsung NEXT launched its newest office in Tel Aviv (Samsung NEXT Tel Aviv). The new location is the fifth for the organization, which currently has teams in Mountain View, New York, San Francisco and Korea. Samsung NEXT will open additional locations in 2017.
â€œWeâ€™re very passionate about partnering with startups and developing meaningful relationships in startup ecosystems around the world,â€ said Emily Becher, Managing Director of Samsung NEXT Start and head of Samsung NEXTâ€™s international expansion. â€œWe leverage local experts to fuel traction and drive scale for startups right where they are.â€
To coincide with Samsung NEXTâ€™s international expansion and launch of the Fund, the company has initiated its first major rebrand effort which includes the renaming of its organization to â€œSamsung NEXTâ€ and the release of a new logo and website. With the rebrand, the companyâ€™s goal is to simplify its identity and clarify its message and mission.
For the first time, at CES 2017 Eureka Park, Samsung NEXT will be showcasing startups from its investment portfolio that are pushing boundaries with new frontier technologies and innovative solutions. Visit Eureka Park booth: #50231 to meet founders and demo these unique products.