In January 2017 Samsung announced that, through its global innovations group, has established the Samsung NEXT fund, a $150 million fund targeting businesses specialising in virtual reality, artificial intelligence, Internet of Things, and “other new frontier technologies.” The fund is aimed at making pre-seed to series B investments.

“Our investments bring the power of the Samsung platform to startups to accelerate their growth and ultimately their success,” said Brendon Kim, vice president and the managing director of Samsung’s Next Ventures. “The Samsung NEXT Fund expands our global reach and capabilities, while increasing Samsung’s access to more great ideas, products and talent.”

Since launch, it has invested in more than 60 companies and made 15 acquisitions, and is now expanding into Europe starting with a headquarters in Berlin and plans to open other locations throughout the continent within the next year.