Korea-based electronics group Samsung has made its first deal in the UK since setting up a European corporate venturing unit this year.
Samsung Ventures Europe (SVE) was one of two new investors – the other was undisclosed – backing the $16.5m investment round for Cambridge Broadband Networks, a data network equipment supplier.
Michael Jeon, head of SVE after moving to the UK from the US earlier this year, said Cambridge Broadband was complementary to its network equipment business unit.
The portfolio company in a statement said Samsung’s investment was "precursor to the development of a strategic relationship to create an important new channel to market for Cambridge Broadband Network’s VectaStar point-to-multipoint solutions".
Teresa Vega, chairman of Cambridge Broadband, said: "Market analysts universally predict a dramatic rise in the requirement for innovative microwave backhaul solutions in response to exponential growth in consumer demand for mobile data services."
The other disclosed investors in the round were venture capital (VC) firms Accel Partners, Adara, TVM Capital and Amadeus Capital Partners.
In February last year, Cambridge Broadband raised $7.5m from the VCs, following $22.5m two years earlier from the same group.
Cambridge Broadband’s $9m series D round closed in January 2006; $15.25m C round in May 2004; $16.5m B round in December 2001; and $5m in June 2000 for its launch.