Samsung launches early-stage $124m seed fund
MENLO PARK, California (REUTERS) - Samsung Electronics 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 US$100 million (S$124 million) venture fund that will invest in early-stage start-ups, 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 start-ups that will ultimately drive growth for the its vast electronics components business.
"It is important to be in Silicon Valley," said Mr Young Sohn, president and chief strategy officer of Samsung's device solutions unit, who is leading the initiative. "This is the epicentre of disruptive forces. And we want to make sure we are part of the disruptive forces."