|Israel is second only to Silicon Valley in total investment according to Samsung Electronics|
South Korean company Samsung has become a significant investor in Israeli start-ups during the past year. This according to an article published on Globes Israel Business News.
Samsung Electronics President and Chief Strategy Officer Young Sohn told Globes that the electronics giant invested in eight Israeli companies in 2014. “We are no longer the giant that buys companies, but rather a partner. This is a change in our thinking. We invest a lot of money in start-ups around the world. Our investments have reached US$1.4 billion, to date. Our investments start at US$250,000, and can reach as much as US$25 million.” Sohn declined to reveal the total amount that Samsung has invested in Israeli companies. “We don’t just provide money to start-ups. We allow them to participate in our incubator.” Sohn says that Israel is second only to Silicon Valley in total investment from Samsung.
Sohn said, “Our most recent investment in Israel was in EarlySense. Through our investment in them, we are helping to make the product commercially viable. “We want to take a leading role in what we call ‘the smart life era.’ We have a close partnership with the Israeli start-up community, and Israel, as one of the global centers of entrepreneurship and innovation, certainly interests us, as a base for future technologies that can influence the lives of millions,” Sohn added.
Samsung has also invested in Israeli companies such as StoreDot, which is developing technology to charge a smartphone in two minutes, RePlay, developer of FreeD technology, which creates 3-dimensional 360° video.Please login or register to see the full article