South Korea’s electronics behemoth Samsung Electronics will create a 1.2 trillion won ($1.1 billion) corporate venture fund in Silicon Valley, the US in a bid to spur technology innovation and explore new growth engines.
Samsung Electronics will make investment in diverse innovation-related projects by forming a Samsung Catalyst Fund worth $100 million, said Young Sohn, chief strategy officer of device solutions at Samsung Electronics during a press conference held at a hotel in California, the US Monday (local time).
Under the new initiative, Samsung will seek M&A (merger & acquisitions) deals with global venture companies by using the existing $1 billion Samsung Ventures America Fund. Its target areas involve cloud computing, the internet of things, mobile security, mobile health and technology with emotional factors. Samsung expects the latest move will put itself in the position of creating new business ecosystem centering on semiconductors and electronic parts.
For full article, see Joongang Daily.