Samsung’s technology investment subsidiary, Samsung NEXT, has announced the launch of the Samsung NEXT Fund, a $150 million venture capital investment fund created to increase Samsung’s global support of early stage startups pursuing advanced software and services innovation.
“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 new Fund will target pre-Seed to Series B investments in startup ecosystems around the world, with a specific focus on startups that are developing virtual reality, artificial intelligence, IoT and other new and emerging technologies.
“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 organisation to “Samsung NEXT” and the release of a new logo and website. Before the rebrand Samsung NEXT was known as the Samsung Global Innovation Center.