Samsung NEXT announces $150 million funding for tech startups globally
Samsung NEXT has announced the creation of the $150 million capital investment fund to support the technology startups pursuing advanced software and services innovation.
Samsung Global Innovation Center has been rebranded as “Samsung NEXT” with a new website and logo. The new name reflects their passion to partner with tech innovators globally and take them to NEXT level.
Samsung NEXT will empower tech entrepreneurs with funding, unparalleled resources and deep-domain expertise. The Fund targets pre-Seed to Series B investments with a focus on artificial intelligence, virtual reality, IoT and other new frontier technologies. 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.”
Companies that have received capital from the Fund so far include: Entry Point VR, Converge Industries, Filament, Dashbot, Intezer, Otto Radio, LiquidSky, 2Sens, SafeDK and Virtru. Brendon Kim, VP and Managing Director of Samsung NEXT Ventures, said,
“Our investments bring the power of the Samsung platform to startups to accelerate their growth and ultimately their success. The Samsung NEXT Fund expands our global reach and capabilities, while increasing Samsung’s access to more great ideas, products and talent.”
Samsung NEXT launched its 5th office in Tel Aviv in September 2016. The other offices are located in Silicon Valley, New York, San Francisco and Korea. Samsung NEXT plans to open additional locations in 2017.
Samsung NEXT will be showcasing startups from its investment portfolio that are pushing boundaries with new cutting edge technologies, at CES 2017.