Samsung launches early-stage, $100 million seed fund

MENLO PARK, California Tue Feb 5, 2013 11:41am IST

New televisions are displayed at the Samsung booth on the first day of the Consumer Electronics Show (CES) in Las Vegas January 8, 2013. REUTERS/Rick Wilking/Files

New televisions are displayed at the Samsung booth on the first day of the Consumer Electronics Show (CES) in Las Vegas January 8, 2013.

Credit: Reuters/Rick Wilking/Files

Related Topics

Stocks

   

MENLO PARK, California (Reuters) - Samsung Electronics (005930.KS) is looking for some Silicon Valley magic.

The company, a household name in televisions and mobile devices, is expanding its presence in the region with a new $100 million venture fund that will invest in early-stage startups, particularly those in remote computing, cybersecurity, mobility and mobile privacy.

The idea is for the South Korean corporation to provide funding and partnership opportunities to startups that will ultimately drive growth for the its vast electronics components business.

"It is important to be in Silicon Valley," said Young Sohn, president and chief strategy officer of Samsung's device solutions unit, who is leading the initiative. "This is the epicenter of disruptive forces. And we want to make sure we are part of the disruptive forces."

The company's effort offers an opportunity for entrepreneurs to access Samsung's resources, including research and development centers, marketing and branding muscle, he added.

The fund, called Samsung Catalyst Fund, will work alongside the existing and bigger $1 billion Samsung Venture Fund, which already helps mold and nurture start-ups.

"Our role is not to be an incubator," Sohn said, adding that the new catalyst fund would function more like a seed investment fund. "We are going to be bringing expertise to these companies."

Samsung also intends to focus on ideas related to components and sub-systems, such as batteries, for investment.

Sohn said he has already identified an investable idea by a professor in Wyoming and the company intends to fund the creation of his company, though Sohn did gave no details.

(Reporting By Poornima Gupta; Editing by Steve Orlofsky)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Mt Gox Update

Mt Gox Update

Mt Gox set to liquidate as court denies rehabilitation.  Full Article 

New Culture

New Culture

New CEO Nadella pushes data culture at Microsoft.  Full Article 

Upbeat on S5

Upbeat on S5

Samsung executive says Galaxy S5 to outsell S4, sees Q2 rollout for Tizen phone.  Full Article 

Mobile Safety

Mobile Safety

Smartphone makers, carriers embrace anti-theft initiative.  Full Article 

Bitcoin Saga

Bitcoin Saga

Defunct bitcoin exchange Mt. Gox files for liquidation - WSJ.  Full Article 

Yahoo Result

Yahoo Result

Yahoo's growth anemic as turnaround chugs along.  Full Article 

Tech Acquisition

Tech Acquisition

Twitter buys social data provider Gnip, stock soars.  Full Article 

Leave Steve Out

Leave Steve Out

Keep Steve Jobs' personality out of trial - tech companies.  Full Article 

Beating Estimate

Beating Estimate

Intel's first-quarter net profit falls but beats Street.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage