Samsung announces $150 million global fund to support early stage tech startups

by | Jan 5, 2017

Coming in early into new year, Samsung has taken another step to deepen its brand awareness and also support entrepreneurship at all levels.

This morning Samsung NEXT (formerly the Samsung Innovation Centre) announced plans to build upon its multi-stage global innovation platform to empower tech entrepreneurs with funding, resources and deep-domain expertise.

The Samsung NEXT Fund, as it is so called, is a $150 million venture capital investment geared towards increasing Samsung’s support of early stage startups pursuing advanced software and service innovation. The fund targets pre-seed to Series B investments with a focus on virtual reality, artificial intelligence, IoT and other emerging technology frontiers across the globe.

So far, Samsung claims several companies — Converge Industries, Dashbot, Entry Point VR, Filament, Intezer, LiquidSky, Otto Radio, 2Sens, SafeDK and Virtru — have already received capital from the fund. Samsung believes that the investment will help accelerate the growth of startups and ultimately ensure their success.

In addition, Samsung NEXT is launching multiple offices across the world in line with its bid to expand continental-wise. The most recent being Samsung NEXT Tel Aviv which launched in September 2016, following offices at Mountain View, New York, San Francisco and Korea.

At CES 2017 Eureka Park, Samsung will be showcasing startups from its portfolio that are pushing boundaries with new frontier technologies and innovative solutions.

For more information on how to gain access to the fund, visit SamsungNEXT.com

Ifeanyi Ndiomewese
Ifeanyi Ndiomewese

Ifeanyi is a desk reporter-turned administrator. Outside of work, I love to read and travel.

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