Samsung starts $100 million venture fund for Silicon Valley startups
Samsung (005930) has changed the game with its smartphones, television sets, and computers, and is now looking to do it again in the Silicon Valley startup scene. The company has created a $100 million venture fund that will invest in early-stage startups concerning remote computing, cybersecurity, mobility, and mobile privacy. The fund, known as Samsung Catalyst Fund, will function more like a seed investment fund and will work alongside the larger $1 billion Samsung Venture Fund in providing partnership opportunities and guidance to startup companies.
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“Our role is not to be an incubator,” said Young Sohn, the president and chief strategy officer of Samsung’s device solutions unit, according to Reuters. “We are going to be bringing expertise to these companies.”
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The executive noted the importance of Silicon Valley, explaining that it is “the epicenter of disruptive forces” and that Samsung wants to “make sure we are part of the disruptive forces.”
This article was originally published on BGR.com
