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

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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.