SEOUL, KOREA - Samsung Electronics plans to invest US$1.1 billion in Silicon Valley, the home turf of global IT brands such as Apple, Google, and Facebook. The company said on February 4 that it will explore new business models through an investment in northern California.
Samsung Electronics held a press conference at a hotel on Sand Hill Road in Menlo Park, California on February 4 where it revealed a plan to invest in a variety of innovation projects, including the creation of a $100-million Samsung promotion fund.
Including the $1-billion funds that it plans to raise through Samsung Ventures America Fund, Samsung Electronics will invest a total of $1.1 billion in Silicon Valley. The Samsung Ventures America Fund will be used mainly to pursue acquisitions of global companies.
To carry out these investment projects, Samsung Electronics has opened an SSIC (Samsung Strategy Innovation Center) headquarters in Menlo Park in late August 2012. Menlo Park is a town only 20 kilometers away from Cupertino, the place where Apple's main office is located.
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*Article provided by The Korea Economic Daily
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