Samsung increases fund for research and venture
SAN FRANCISCO - Agence France-Presse
Stephen Woo, president of Samsung’s Electronic Device Solutions, speaks during a January press conference in the US in this file picture. AFP photoSamsung announced on Feb. 4 it was pumping more money into research and venture capital funding efforts that will be led by a new hub for the South Korean giant in Silicon Valley.
The electronics giant said it was launching a $100 million catalyst fund that will augment its $1 billion Samsung Ventures America Fund and fuel innovative technologies and business models through all stages of business. The company also said it would be launching its new Samsung Strategy and Innovation Center in Menlo Park, California, with additional offices in South Korea and Israel. It will be headed by Young Sohn, the company’s president and chief strategy officer of device solutions.
The move by the world’s largest technology firm by revenue and top smartphone maker comes as it ramps up its battle in the United States against California-based Apple, with the two firms embroiled in bitter legal battles.
Samsung has been ordered to pay Apple $1 billion for patent infringement but is appealing the verdict.
Sohn said the company sees tremendous opportunities and transformations over the next five years driven by data centered around mobility, cloud computing and the Internet of Things, and Samsung will be a significant part of this revolution.
The $100 million catalyst fund will be launched later in 2013 with a competition, the Samsung Create Challenge, offering artists, engineers, entrepreneurs and others a chance to submit ideas for Samsung’s devices.
The contest will award $10 million in seed investments to winners and will offer additional support from Samsung.