Samsung NEXT invests in European virtual and augmented reality
by Vassilis Economou
- The conglomerate’s venture capital fund will invest $150 million in European start-ups that are exploring new technologies, and will have its HQ in Berlin
Samsung has announced the expansion of its global venture capital fund, Samsung NEXT, to Europe in order to invest in the early-stage start-up technological market. The fund, which is already present in Silicon Valley, New York, Tel Aviv and South Korea, will have its European headquarters in Berlin. The office, which already has two investors on the ground, will also serve as a hub for scouting investments.
More precisely, Samsung NEXT (formerly Samsung Global Innovation Center), which earmarked $150 million (€130 million) for this venture in January, will either invest in or acquire European tech start-up companies that are working in the fields of virtual reality (VR), artificial intelligence (AI), augmented reality (AR) and the Internet of Things. The goal of this investment is for Samsung to evolve the interfaces and transform the ways in which the world is connected.
The managing director of the Berlin-based fund is Felix Petersen, an entrepreneur and venture capitalist who joined the team in April. Petersen expanded on his thoughts behind Samsung NEXT’s presence in Europe: “I'm excited to lead our expansion into Europe. The combination of deep tech talent and cultural diversity makes this market very attractive. It also gives us a great opportunity to become the place for European entrepreneurs looking to build and grow their start-ups and turn them into revolutionary companies.”
The fund was created in 2013, and its target has always been new enterprises, providing them with investment capital, expertise and other resources. Over the past four years, Samsung NEXT has invested in more than 60 companies and acquired 15 firms. After Berlin, there are plans to open more offices in Europe until 2018.
Did you enjoy reading this article? Please subscribe to our newsletter to receive more stories like this directly in your inbox.