Samsung Next announced last week its plan to create the Samsung NEXT Fund – a $150 million-dollar investment fund – as part of its initiative to increase its support for early stage startups pursuing software innovation.
Samsung plans to use the funds to empower tech entrepreneurs with funding, resources and expertise.
“We see software and services as 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.
Specifically, the fund will target startups for pre-Seed to Series B investments specializing in virtual reality, artificial intelligence and other emerging tech. Companies that’ve already received funding capital include Converge Industries, Dashbot, Entry Point VR and Virtru.
Brendon Kim, the program’s VP and managing director, said they hope to use the fund to increase their global reach and capabilities while also increasing Samsung’s access to more ideas, product and talent. This included the opening of a Samsung Next office in Tel Aviv this past September which joins four other offices located in: New York, Mountain View, San Francisco and Korea.
Coinciding with the fund’s launch, Samsung NEXT is also rebranding its logo and website in hopes to “simplify its identity and clarify its message and mission”.