Samsung Establishes $150 Million Investment Fund: Supporting Start-ups such as VR and Artificial Intelligence

Samsung announced on Wednesday that it supports initial startups focused on emerging technologies. Through its global innovation group, the company has established a fund of US$150 million in funds, focusing on virtual reality, artificial intelligence, Internet of Things, and “other new frontier technology companies”. So far, Samsung has invested in 10 start-up companies, including Converge Industries, Dashbot, Entry Point VR, Filament, Intezer, LiquidSky, Otto Radio, 2Sens, SafeDK and Virtru. Samsung sets up a $150 million investment fund to support start-ups such as VR and artificial intelligence The purpose of the fund is to screen seed companies for B-round investment only.
“Our investment is to bring the power of the Samsung platform to startups, accelerate their growth and ultimately succeed,” said Brendon Kim, vice president and general manager of Samsung’s Nest Ventures. "Samsung's NEXT FUND has expanded our global influence and strength, while allowing Samsung to have access to greater ideas, products and talent." Samsung declined to say how much each startup will receive. In addition, it seems that the company may be targeting the Israeli market in the next step. In September this year, a new office will be launched in Tel Aviv, Israel. Currently, Samsung has five offices dedicated to innovation in the world, including San Francisco, Mountain View, South Korea, and New York, and plans to increase office space later this year. Samsung Next, formerly known as the Global Innovation Center, changed its name because “Our new name reflects our passion for working with technology innovators and takes them to a new level – creating great ideas into products that will The product has grown into a prosperous company and scaled up to transform the Samsung ecosystem."

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