Samsung Next, Samsung’s investment arm, has launched in Europe where it hopes to spot the continent’s next generation of billion dollar tech companies while they’re in their infancy.
The company will use a $US150 million (£117 million) fund that it raised in January to back fast-growing early-stage startups in tech hubs like London, Berlin, and Paris.
Founded in 2013, the investment arm said it will look to back European startups developing “frontier” technologies associated with fields like artificial intelligence, the internet of things, augmented reality, and virtual reality.
Samsung Next’s new managing director of Europe, Felix Petersen, announced the expansion at Tech Open Air in Berlin on Wednesday.
“Samsung is a world leader in making powerful interfaces that connect anyone with anything, anywhere,” said Petersen ahead of his talk at Tech Open Air. “At Samsung Next, we’re investing and acquiring companies in areas like AR, VR and AI to build the products and interfaces that will further transform how we’re connecting with the world.
“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 startups and turn them into revolutionary companies.”
In addition to capital, Samsung said it will also provide startups with resources, expertise, and connections within Samsung’s ecosystem.