Through its Korean tech giant Samsung Electronics has launched a $150 million global venture capital fund via its US-based incubation and acceleration unit Samsung Next, formerly branded as Samsung Global Innovation Center.
With an aim to increase Samsung’s global support to early stage startups pursuing advanced software and service related sectors, Samsung NEXT Fund will offer funding, resources and deep domain expertise.
The Fund targets pre-Seed to Series B investments with a focus on virtual reality, artificial intelligence, IoT and other new frontier technologies. 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.
Commenting on the new fund, David Eun, President and Founder of Samsung NEXT, said, “We see software and services becoming a core part of Samsung Electronics’ DNA, and startups are key to achieving this vision. Samsung continues to embrace entrepreneurship at all levels and this Fund shows our unwavering commitment to support great startups worldwide.”
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.
“We’re very passionate about partnering with startups and developing meaningful relationships in startup ecosystems around the world,” said Emily Becher, Managing Director of Samsung NEXT Start and head of Samsung NEXT’s international expansion. “We leverage local experts to fuel traction and drive scale for startups right where they are.”