Samsung plans $150m for early-stage AI, VR, and IoT startups

Photo credit: Samsung.

After a rocky year of Galaxy Note 7 explosions, Samsung is starting the new year with good news.

On Wednesday at CES, the Korean tech giant announced the launch of the Samsung NEXT Fund, a US$150 million venture capital fund for early-stage startups in artificial intelligence, virtual reality, internet-of-things, and other “frontier technologies.”

“The Samsung NEXT Fund expands our global reach and capabilities, while increasing Samsung’s access to more great ideas, products, and talent,” said Brendon Kim, vice president and managing director of Samsung NEXT Ventures, in a statement.

“We see software and services becoming a core part of Samsung Electronics’ DNA, and startups are key to achieving this vision,” David Eun, president and founder of Samsung NEXT, added.

The Samsung NEXT Fund is looking at a diverse range of startups from pre-seed to series B stage, and already has 10 companies in its portfolio: Converge Industries, Dashbot, Entry Point VR, Filament, Intezer, LiquidSky, Otto Radio, 2Sens, SafeDK, and Virtru. Funding amounts are not disclosed.

The Samsung NEXT Fund is looking for pre-seed to series B startups.

Founded in 2013, Samsung NEXT (formerly Samsung Global Innovation Center) is one of the company’s main vehicles for investing in and connecting with early-stage startups, with more than 40 companies in its portfolio. Samsung NEXT has invested in a number of AI, VR, and IoT startups, including BioBeats, an AI-driven digital health startup, and Baobab Studios, a VR animation company.

Samsung NEXT also announced the launch of its Tel Aviv office, hinting at an increased focus on Israeli startups in the coming year. So far, Samsung NEXT has offices in Mountain View, New York, San Francisco, and Korea, and plans to open more offices in 2017.

Samsung NEXT’s new office in Tel Aviv. Photo credit: Samsung NEXT.