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Samsung on Wednesday announced its intentions to support early-stage startups focused on emerging technologies. The company, through its global innovation group, has established a $150 million fund targeting businesses specializing in virtual reality, artificial intelligence, Internet of Things, and “other new frontier technologies.”
So far, Samsung has made investments in 10 startups: Converge Industries, Dashbot, Entry Point VR, Filament, Intezer, LiquidSky, Otto Radio, 2Sens, SafeDK, and Virtru. The fund is aimed at making pre-seed to series B investments.
“Our investments bring the power of the Samsung platform to startups to accelerate their growth and ultimately their success,” said Brendon Kim, vice president and the managing director of Samsung’s Next Ventures. “The Samsung NEXT Fund expands our global reach and capabilities, while increasing Samsung’s access to more great ideas, products and talent.”
Samsung declined to specify how much each startup receives. In addition, it appears that the company could be targeting those in Israel next, with the opening of a new office in Tel Aviv, Israel in September. There are now five offices worldwide dedicated to innovation, including San Francisco, Mountain View, Korea, and New York. More locations are planned later this year.
Samsung Next formerly was known as the Global Innovation Center. The name change was done because “our new name reflects our passion for partnering with tech innovators to take them to the NEXT level — build great ideas into products, grow products into thriving businesses and scale businesses that leverage and transform the Samsung ecosystem.”