June 15, 2018 13:31
Samsung has launched a new fund to invest in start-ups in artificial intelligence technologies.
Samsung NEXT, the Korean tech giant's investment arm in Silicon Valley, said Thursday that part of its US$150 million fund will be used for the new Q Fund. The Q stands for "quality," it added.
Samsung NEXT will invest in early-stage companies within one year of their founding.
It aims to improve its influence in the AI industry by investing in as many start-ups as possible and secure technologies for use in its products. It will also consider buying competitive firms.
Samsung is making aggressive efforts to expand manpower and investment in AI technologies. It opened AI research centers in Canada, France. Russia and the U.K. last month and plans to secure more than 1,000 talented workers.
"Samsung finds it hard to maintain its leading position with its current businesses," an industry insider said.
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