Samsung NEXT announced Thursday it will create a $150 million venture capital investment fund, called the “Samsung NEXT Fund,” to increase support for global startups pursuing advanced software and services innovation.
Formerly known as Samsung Global Innovation Center, the organization also announced its rebrand to “Samsung NEXT” along with the launch of the fund at the Consumer Electronics Show in Last Vegas.
The fund will mainly support startups with virtual reality, artificial intelligence, the Internet of THings and other new frontier technologies, the organization said.
“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.”
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.
Samsung NEXT launched its fifth office in Tel Aviv, Israel, last September, connecting its multinational network with offices in Mountain View, California, New York, San Francisco and Korea. It plans to open more this year.
Brendon Kim, vice president and managing director of Samsung NEXT Ventures, said, “The Samsung NEXT Fund expands our global reach and capabilities, while increasing Samsung’s access to more great ideas, products and talent.”
By Song Su-hyun (
song@heraldcorp.com)
