Samsung to provide USD 150 mln in venture capital to emerging tech startups

Newsroom 10/01/2017 | 13:55

Samsung NEXT, previously known as Samsung Global Innovation Center, announced the launch of the Samsung NEXT Fund, an investment fund of venture capital type of USD 150 million, that has the purpose of offering more support at a global level for the startups that are at the beginning of the road and that have a main purpose in innovating in the services and software area.

The Fund allows Samsung to develop its global platform in order to give the entrepreneurs the possibility of having access to financing, resources and a greater level of expertise in the field.

„We are observing that the software and the services become an important component in Samsung’s DNA and the startups represents the key through which we want to achieve our objectives and vision. Samsung continues to encourage the entrepreneurship, in all of this phases and the investment fund proves our engagement in supporting the extraordinary startups, from all over the world,” said David Eun, President and Founder of Samsung NEXT.

The investment fund will concentrate on financing the startups offering, at the same time, a special attention to the virtual reality (VR), the artificial intelligence (AI), the IoT technology or to other new technologies. The companies that already allow financing are: Converge Industries, Dashbot, Entry Point VR, Filament, Intezer, LiquidSky, Otto Radio, 2Sens, SafeDK and Virtru.

In September, Samsung NEXT launched its newest office, at Tel Aviv (Samsung NEXT Tel Aviv). It is the fifth office, the organization having teams at this moment in Mountain View, New York, San Francisco and Korea. Samsung NEXT will continue to open new offices during this year.

“We are very excited by the partnerships we have with diverse startups and the fact that we have the opportunity to develop important relationships with this medium, at a global level. We are ” said Emily Becher, Managing Director at Samsung NEXT Start and Developing Director at international level at Samsung NEXT. “We have local experts that help us win traction and offer the possibility to grow at a large scale the startups, wherever they are,” she added.

In order to mark the international expansion of Samsung NEXT and the launch of the Investment Fund, the company initiated a major rebranding effort that includes the change of the name into „Samsung NEXT”, but also the launch of a new logo and a new website. The purpose of this process is the simplifying of the identity and the clarification of the Samsung NEXT’s message and mission.

This year at CES, Samsung NEXT presented for the first time some of the startups that are in its portfolio, companies that succeed in breaking the barriers in terms of technology and innovation:

Romanita Oprea

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