Samsung launches Israel startup investment program

Samsung Photo: Noy Kirilovsky

Samsung Electronics has opened Samsung NEXT Tel Aviv - a branch of its early-stage technology investment program.

Samsung is stepping up its investments in Israeli early-stage startups by opening a branch of its early-stage technology investment program - Samsung NEXT Tel Aviv.

The Korean electronics giant has been investing enthusiastically in Israeli startups over the past few years through the Samsung Venture Investment Corporation (SVIC) and the Samsung Catalyst Fund whose portfolios includes smartphone battery developer StoreDot, 3D photography company Mantis Vision, video company Interlude, consumer wearable company LifeBEAM, biometric sensing company Sensifree, and camera sensor company Unispectral.

Samsung also has a startup accelerator in Yakum between Herzliya and Netanya. "The new early-stage technology investment program will invest about $1 million in each startup. with no limit on the number of startups or the funding amount," said Samsung NEXT Tel Aviv CEO Eyal Miller.

Samsung Global Innovation Center in New York CEO Kai Bond said, “Everyone is trying to leapfrog the competition. But for us to continue to innovate three, five, seven years out, we want to play with individuals who are very, very early on, at a concept phase with a vision, as opposed to something that is fully established.”

Published by Globes [online], Israel business news - www.globes-online.com - on September 26, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Samsung Photo: Noy Kirilovsky
Samsung Photo: Noy Kirilovsky
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