{"id":11419,"date":"2017-01-04T15:00:34","date_gmt":"2017-01-04T20:00:34","guid":{"rendered":"http:\/\/news.samsung.com\/us\/?p=11419"},"modified":"2022-08-02T09:22:04","modified_gmt":"2022-08-02T13:22:04","slug":"samsung-next-formerly-samsung-global-innovation-center-announces-150m-fund-expand-global-support-early-stage-startups-emerging-tech","status":"publish","type":"post","link":"https:\/\/news.samsung.com\/us\/samsung-next-formerly-samsung-global-innovation-center-announces-150m-fund-to-expand-global-support-of-early-stage-startups-in-emerging-tech","title":{"rendered":"Samsung NEXT (Formerly Samsung Global Innovation Center) Announces $150M Fund to Expand Global Support of Early Stage Startups in Emerging Tech"},"content":{"rendered":"

LAS VEGAS, Nevada – January 4, 2017 –<\/strong><\/span> Samsung NEXT<\/strong><\/a> (formerly Samsung Global Innovation Center) today announced the creation of the Samsung NEXT Fund, a $150 million venture capital investment fund, to increase Samsung\u2019s 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.<\/p>\n

\u201cWe see software and services becoming a core part of Samsung Electronics\u2019 DNA, and startups are key to achieving this vision,\u201d said David Eun<\/a>, President and Founder of Samsung NEXT.<\/strong> \u201cSamsung continues to embrace entrepreneurship at all levels and this Fund shows our unwavering commitment to support great startups worldwide.\u201d<\/p>\n

The Fund targets pre-Seed to Series B investments with a focus on virtual reality, artificial intelligence, IoT and other new frontier technologies.\u00a0 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.<\/p>\n

\u201cOur investments bring the power of the Samsung platform to startups to accelerate their growth and ultimately their success,\u201d said Brendon Kim, VP and Managing Director of Samsung NEXT Ventures.<\/strong> \u201cThe Samsung NEXT Fund expands our global reach and capabilities, while increasing Samsung\u2019s access to more great ideas, products and talent.\u201d<\/p>\n

In September, Samsung NEXT launched its newest office in Tel Aviv (Samsung NEXT 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.<\/p>\n

\u201cWe\u2019re very passionate about partnering with startups and developing meaningful relationships in startup ecosystems around the world,\u201d said Emily Becher, Managing Director of Samsung NEXT Start and head of Samsung NEXT\u2019s international expansion.<\/strong> \u201cWe leverage local experts to fuel traction and drive scale for startups right where they are.\u201d<\/p>\n

To coincide with Samsung NEXT\u2019s international expansion and launch of the Fund, the company has initiated its first major rebrand effort which includes the renaming of its organization to \u201cSamsung NEXT\u201d and the release of a new logo and website. With the rebrand, the company\u2019s goal is to simplify its identity and clarify its message and mission.<\/p>\n

For the first time, at CES 2017 Eureka Park, Samsung NEXT will be showcasing startups from its investment portfolio that are pushing boundaries with new frontier technologies and innovative solutions. Visit Eureka Park booth: #50231 to meet founders and demo these unique products.<\/p>\n