Connect to share and comment

CORRECTED: Samsung boosts US research, venture fund

PlacardEnlarge
(Globalpost/GlobalPost)

Samsung announced Monday it was pumping more money into research and venture capital funding efforts that will be led by a new hub for the South Korean giant in Silicon Valley.

The electronics giant said it was launching a $100 million "catalyst fund" that will augment its $1 billion Samsung Ventures America Fund and "fuel innovative technologies and business models through all stages of business."

The company also said it will be launching its new Samsung Strategy and Innovation Center in Menlo Park, California, with additional offices in South Korea and Israel, led by Young Sohn, the company's president and chief strategy officer of device solutions.

The move by the world's largest technology firm by revenue and top smartphone maker comes as it ramps up its battle in the United States against California-based Apple, with the two firms embroiled in bitter legal battles.

Samsung has been ordered to pay Apple $1 billion for patent infringement but is appealing the verdict.

Samsung said the new drive would "create a powerful platform for igniting global innovation" and was part of an effort "to create new businesses and build open ecosystems through research and development, investments, strategic alliances, and M&A (mergers and acquisitions)."

rl/nss

http://www.globalpost.com/dispatch/news/afp/130204/corrected-samsung-boosts-us-research-venture-fund