Samsung is launching a startup incubator in Israel, the president of the Korean electronics company, Young Sohn, announced on Wednesday.
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Samsung is also investing in another Israeli startup, Mantis Vision, said Sohn.
He was speaking during an event titled Samsung Global Innovation that included senior Israeli venture capitalists and representatives of startups. During the event, he presented Samsung’s plans for expanding its investments and its search for innovative technology in Israel. A delegation from Samsung’s Menlo Park, California, center for innovation and its Korean VP-technology’s office is visiting Israel for the week. The team is looking to meet representatives of startups, entrepreneurs and researchers developing technology that meets Samsung’s needs.
In February, Samsung announced it was launching the $100 million Samsung Catalyst Fund. Now, that fund will be investing in Israel as part of its accelerator program here.
The company did not say how much it is investing in Mantis Vision, which is developing 3-D photographic technology.
Samsung’s new incubator will accept entrepreneurs with very early stage ideas, said the company. This is Samsung’s first such incubator, and it is expected to launch in the first half of 2014. It will have space for 10 startups.
As part of the project, the company will allocate space for entrepreneurs and academic researchers at its development center in Ramat Gan. Once the startups are more mature, they will become candidates to receive investments from Catalyst. As opposed to many incubator or accelerator projects, the companies will not be required to leave the incubator within a fixed period of time.