Michael Jeon is leaving his post as Samsung Ventures’ head of Europe and Israel investments to take up a position back at Samsung Ventures America, but he caught up with Global Corporate Venturing before he left to outline some of his experience during his four years in European corporate venturing.
Jeon was an investment manager at Samsung Ventures’ Silicon Valley office before moving to London in 2010 to establish Samsung Ventures Europe. The Korea-based company already had a corporate venturing presence in its home country and the US, and set up SVE as part of an expansion that also involved opening a Japanese office. SVE’s recent entrance into the European venture capital sector, combined with Jeon’s relative youth, initially raised questions of credibility for some, he said, but these were soon dispelled.
“I think what really proved we were here and able to invest was the fact that later that same year in 2010, SVE made its first investment, in the $16.5m round by (UK-based wireless technology developer) Cambridge Broadband Networks,” he told Global Corporate Venturing. “In a way I was lucky that I was able to do that investment early on as SVE was being set up, for me to gain that credibility within our community.”
SVE has invested almost $50m since its launch, Jeon said, with $40m directed to eight deals, two of which it has exited. This includes Germany-based LED technology producer Novaled, in which SVE invested in 2011, before parent company Samsung acquired it for $347m in August 2013. The unit is currently bullish about Israel, and will likely set up an enhanced presence in the country over the next few months.
Jeon will be leaving SVE in order to run Samsung Ventures America’s mobile and digital media investments. A key focus for the unit will be companies that are developing technology that can take the data available on a mobile device, such as the health indicators discerned by a medical app, and analyse and contextualise it for everyday use.
“We’re looking at companies and technologies that can do that intelligent thinking and interpretation for you,” he explained. “That’s broadly one area, and big data is obviously related to that. We’ve looked at both enabling technologies from a platform standpoint, as well as analytics and big data analysis companies.
“Another area related to mobile is positioning – indoor positioning or location-based services. I think that’s going to be very important as well going forwards. That is the main trio we’re very excited about today.”
As for the European venture capital sector, Jeon believes that it is becoming closer to the the investment levels seen in Silicon Valley. Although the continent has always been strong in core technology and intellectual property, Europe-based companies are becoming more adept at developing applications and services around those technologies to make them more commercially attractive.
“Generally speaking, I think Europe is becoming a lot more attractive relative even to four years ago when I came,” he said. “[There are] more serial entrepreneurs, more that have had successful outcomes in the past, more high-profile companies and deals, and more VCs with great track records. Although I’m excited to be heading back, I think my successor will have a great time managing Samsung Ventures Europe.”