Samsung NEXT announces $150m fund to expand global support of early stage startups in emerging tech
Samsung NEXT — formerly Samsung Global Innovation Center — announced at the Consumer Electronics Show (CES) the creation of the Samsung NEXT Fund, a $150m 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.
Brendon Kim, VP and Managing Director of Samsung NEXT Ventures, added, “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.”
In September last year, Samsung NEXT launched its newest office in 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.”
To coincide with Samsung NEXT’s international expansion and launch of the fund, the company has initiated its first major rebrand effort which includes the renaming of its organization to Samsung NEXT and the release of a new logo and website. With the rebrand, the company’s goal is to simplify its identity and clarify its message and mission.