Samsung Electronics Co., the world’s largest maker of mobile phones, unveiled two venture funds to invest a total of $1.1 billion, aimed at creating new businesses for its unit that makes memory chips and electronics parts.
The company announced the $1 billion Samsung Ventures America Fund and the $100 million Catalyst Fund for early stage startups, as well as a new strategy and innovation center in Menlo Park, California, Monday at an event.
“This is an exciting opportunity for us to engage with entrepreneurs and innovators and empower them to leverage Samsung’s technology and global brand presence to bring our collective visions to market,” said Young Sohn, president and chief strategy officer of device solutions for Samsung, in a statement.
Shares of the Suwon, South Korea-based company fell 4,000 won, or 0.3 percent, to 1,437,000 won in South Korean trading.
© Copyright 2013 Bloomberg News. All rights reserved.