Company briefs: Samsung Group MioTech Virgin Orbit

Samsung Group

Samsung Group has unveiled a 240 trillion won (S$279 billion) expansion that will entail hiring 40,000 people over three years to build the South Korean conglomerate's lead in next-generation technologies.

Samsung Electronics and affiliates like Samsung Biologics aim to lead research and spending in areas from telecommunications to robotics to corporate acquisitions. The country's largest conglomerate is setting aside 180 trillion won for its home country alone and now aims to hire another 10,000 people over the period, on top of 30,000 new jobs already planned, the group said.



Sustainability data and solutions provider MioTech has bagged investments from Singapore sovereign wealth fund GIC and Guotai Junan International in a Series B+ funding round.

The amount of investment was not disclosed.

The funding will be used to expand and accelerate MioTech's product development. The Hong Kong-based company, which uses artificial intelligence, provides environmental, social and corporate governance data to financial institutions, corporations and individuals. MioTech has offices in Hong Kong, China and Singapore.


Virgin Orbit

Billionaire Richard Branson's Virgin Orbit, a small satellite launch service provider, is going public through a merger with a blank-cheque vehicle that values it at about US$3.2 billion (S$4.3 billion).

The deal with NextGen Acquisition Corp II, announced on Monday, includes US$100 million in funding from Boeing, AE Industrial Partners and others in the form of private investment in public equity, or Pipe.

Virgin Orbit and rivals Firefly and Rocket Lab are among firms building miniaturised launch systems.


A version of this article appeared in the print edition of The Straits Times on August 25, 2021, with the headline 'Company Briefs'. Subscribe