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Samsung joins Intel, Qualcomm in Israeli startup investment

By Nov 11, 2020 (Gmt+09:00)

Samsung Electronics Co., alongside global technology giants Intel Corp. and Qualcomm Inc., has invested in an Israeli tech startup to boost venture capital investments and endorse future growth drivers in the tech industry.

Samsung’s venture capital arm Samsung NEXT participated in a $32 million Series B fund led by Qualcomm Ventures and Intel Capital to invest in the 5G network startup Cellwize Wireless Technologies, according to a company announcement on Nov. 11. Other participants included strategic investors such as Verizon Ventures.

Founded in 2013, Cellwize launched its operations in Israel and expanded into the US and Singapore. The startup develops artificial intelligence-backed technology that helps the transition of telecommunication carriers over to the 5G network. The company’s core service is CHIME, an automation and orchestration platform for the 5G network. Cellwize's client portfolio boasts over 40 telcos such as Verizon and Telefonica.

(Courtesy of Samsung Newsroom)
(Courtesy of Samsung Newsroom)

Silicon Valley-based Samsung NEXT was established in 2012, and the firm has invested in numerous startups in promising industries including artificial intelligence, media tech, edge computing, digital health and more. In 2017, it set up a $150 million Samsung NEXT fund.

Samsung has participated in a number of joint investments with industry competitors. Earlier in April, Samsung joined in a $35 million Series C funding for Anodot, an autonomous business monitoring company, with Intel Capital and SoftBank Ventures Asia. In January, the company invested in edge computing solutions provider Volterra alongside M12, Microsoft's venture arm.

Write to Jung-hwan Hwang at jung@hankyung.com

Danbee Lee edited this article.

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