Samsung to plow $1.1bn into venture funding
Samsung Electronics said it will invest $1.1 billion in two venture capital funds and open an innovation centre as part of an effort to boost its US presence even further. The firm unveiled a $100m commitment to a new Samsung Catalyst Fund, which will be used to fund start-up companies focused on components and subsystems. It will also invest $1 billion in its American Ventures America Fund, which will be directed toward companies in mobile, cloud and connected device markets.
Samsung also said it will launch a Strategy and Innovation Center in Menlo Park, focused on innovation largely in hardware and components. President and chief strategy officer, Young Sohn, said: “We are in a very disruptive time. We want to be a leader in innovation.”
FierceWireless: Samsung to plow $1.1B into venture funding, open Silicon Valley innovation center; TelecomTV content partner.