Startups

Samsung NEXT Announces $150M Fund to Invest in Early Stage Startups Globally

 

Samsung NEXT (formerly Samsung Global Innovation Center) has launched the Samsung NEXT Fund, a $150 million venture capital investment fund, to increase Samsung’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.

“We see software and services becoming a core part of Samsung Electronics’ DNA, and startups are key to achieving this vision,” said David Eun, President and Founder of Samsung NEXT. “Samsung continues to embrace entrepreneurship at all levels and this Fund shows our unwavering commitment to support great startups worldwide.”

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.

“Our investments bring the power of the Samsung platform to startups to accelerate their growth and ultimately their success,” said Brendon Kim, VP and Managing Director of Samsung NEXT Ventures. “The Samsung NEXT Fund expands our global reach and capabilities, while increasing Samsung’s access to more great ideas, products and talent.”

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.

 

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