1 samsung nextjpg Samsung Next to invest $150m in European start-ups, with focus on AR and VR

Samsung Next to invest $150m in European start-ups, with focus on AR and VR

Marie Dealessandri 17th July 2017 Business News

Samsung’s innovation and investment programme, Samsung Next, has announced its expansion to Europe with a first investment targeting tech start-ups.

Raised back in January, the $150m fund (115m) will be used to back European start-ups working in augmented and virtual reality, the internet of things and artificial intelligence.

The new European headquarters will be located in Berlin with Felix Petersen taking the role of managing director.

"Samsungis a world leader in making powerful interfaces that connect anyone with anything, anywhere," he said at Tech Open Air, as reported by Business Insider UK. "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."

Samsung Next was created in 2013 and has already invested in over 60 companies and acquired 15 firms.

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About Marie Dealessandri

Marie Dealessandri is MCV’s former senior staff writer. After testing the waters of the film industry in France and being a radio host and reporter in Canada, she settled for the games industry in London in 2015. She can be found (very) occasionally tweeting @mariedeal, usually on a loop about Baldur’s Gate, Hollow Knight and the Dead Cells soundtrack.

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