Samsung unveils seed fund focusing on US and Israel

Samsung Electronics has unveiled a $100 million seed fund to support innovation in components and subsystems related to its broad product line.

Samsung Electronics has unveiled a $100 million seed fund to support innovation in components and subsystems related to its broad product line of TVs, mobile phones, computers and other digital devices.

Samsung Electronics chief strategy officer Young Sohn said that the fund would be focused on Silicon Valley, Cambridge, Mass., and Israel, but could also fund initiatives elsewhere in the world.

He said, “We’re going to support early stage entrepreneurs and academia. We want to make sure we’re part of the disruptive forces sweeping the technology industry."

Sohn added that the Catalyst Fund will dole out smaller sums of money than the company’s venture arm - perhaps a couple million dollars - and will hone in on projects related to cloud infrastructure, mobile, human interface and mobile health.

The Korean manufacturer also said it plans to increase its corporate venture investing this year to back the fundamental breakthroughs in digital science that venture capitalists have recently shied away from funding.

To kickstart the fund, Samsung launched a contest that will award $10 million in seed investments later this year to entrepreneurs, engineers and artists hoping to use technology to improve people’s lives.

Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Twitter Facebook Linkedin RSS Newsletters גלובס