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Samsung launches fund to invest in AI startups

All Headlines 10:05 June 14, 2018

SEOUL, June 14 (Yonhap) -- Samsung Electronics Co. launched a new fund through its U.S.-based innovation strategy arm Samsung NEXT on Thursday, seeking to make investments in startups devoted to artificial intelligence (AI) technologies.

Samsung NEXT said it has launched the NEXT Q Fund to invest in "early stage AI startups taking on grand challenges."

The move came as Samsung Electronics Vice Chairman Lee Jae-yong has been setting eyes on the AI technology as a new growth engine for the company.

The NEXT Q Fund is expected to not only provide direct financial support for startups but also provide the firms with other opportunities for their research and development projects.

Samsung Electronics recently opened AI research centers in South Korea, the United States, Britain, Canada and Russia, with another in France also expected to open in the near future.

The company also named Samsung NEXT President David Eun as Samsung's first chief innovation officer in line with such efforts.

Industry watchers said Samsung Electronics is expected to roll out more investment projects in the AI industry around the globe.

Samsung launches fund to invest in AI startups - 1

colin@yna.co.kr
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