Samsung Next, the early-stage technology investment fund launched by Korea-based electronics producer Samsung in January 2017, has expanded into Europe, opening an office in Berlin, Germany, on Wednesday.
The $150m fund focuses on what Samsung calls ‘frontier tech’: emerging technologies such as artificial intelligence, the internet of things, and augmented or virtual reality, and pursues both strategic investments and merger and acquisition deals.
Samsung Next already has offices in Korea, as well as Silicon Valley, San Francisco and New York in the US, and Tel Aviv in Israel. It intends to expand its European activities by opening more offices on the continent by the end of 2017.
Felix Petersen will head the fund’s activities in Europe as managing director. He is a partner at venture capital firm Faber Ventures, and founded social media platforms Plazes and Amen, which were acquired by Nokia and Tape TV respectively.
Petersen said: said: “Samsung is a world leader in making powerful interfaces that connect anyone with anything, anywhere. At Samsung Next, we are investing and acquiring companies in areas like AR, VR and AI to build the products and interfaces that will further transform how we are connecting with the world.
“I am excited to lead our expansion into Europe. The combination of deep tech talent and cultural diversity makes this market very attractive. It also gives us a great opportunity to become the place for European entrepreneurs looking to build and grow their startups and turn them into revolutionary companies.”
Companies in which Samsung Next has so far invested include diabetes management platform Glooko, wireless industrial network developer Filament, cybersecurity startup Bayshore Networks and AI management software developer Bonsai.