Samsung Venture Investment Corporation (SVIC), the investment arm of Samsung, on Wednesday said it has made its maiden investment in India by pumping in USD 8.5 million (approximately Rs 58.28 crore) in four Indian startups.
SVIC, which has invested in a number of startups globally and has over US$2.2 billion in assets under management, hopes to invest in 100 Indian startups over the next three-five years.
The startups chosen by SVIC include system apps company OSLab (Indus OS), speech technology startup Gnani.ai, IoT solutions provider Silvan Innovation Labs, a Sequoia backed firm, and an unnamed early stage computer vision startup.
Samsung’s investment in Silvan’s products and IoT platform will add value to its efforts to have all its products IoT ready by 2020.
Samsung recently introduced SmartThings platform to help consumers wirelessly connect with a whole range of smart devices. It is expanding the line-up of these products with new SmartThings camera, SmartThings Wi-Fi plug and SmartThings light bulb.
Samsung closely works with a host of startups that are committed to building innovative and purposeful technologies across the globe, Aloknath De, Corporate Vice President and Chief Technology Officer at Samsung R&D Institute Bengaluru, told PTI.
SVIC will invest in early stage and growth-stage startups in India that are engaged in technology areas or work on services, like healthcare and vernacular content, digitally.