Samsung NEXT (formerly known as the Samsung Global Innovation Center) have announced the creation of the Samsung NEXT Fund for emerging technology early stage startups at CES 2017 (Consumer Electronics Show 2017). Samsung's venture capital fund will be a $150 million investment fund that hopes to "increase Samsung’s global support of early stage startups pursuing advanced software and services innovation".
Samsung NEXT Fund Initial Locations
September 2016 saw Samsung NEXT launch its Tel Aviv (Israel) office. That made Tel Aviv 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.
The Korean electronics company, recently infamous for the exploding Samsung Galaxy Note 7 smartphones, have said that the fund will enable them to build upon their multi-stage global innovation platform to empower tech entrepreneurs with funding, resources, and deep-domain expertise.
“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.”David Eun, President and Founder of Samsung NEXT
What is interesting and perhaps opening the field for African emerging technology startups is that Samsung have said that the Fund will target pre-Seed to Series B investments. The catch though is that the startups have to have a focus on virtual reality, artificial intelligence, IoT and other new frontier 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.