Samsung VC announces maiden investment in India, backs four startups with $8.5 million
Samsung’s investment arm Samsung Venture Investment Corporation (SVIC) on Wednesday announced its maiden investments in India, totaling $8.5 million across four Indian startups.
Samsung’s investment arm Samsung Venture Investment Corporation (SVIC) on Wednesday announced its maiden investments in India, totaling $8.5 million across four Indian startups. The companies include: a system apps company OSLabs (Indus OS), speech technology startup Gnani.ai, IoT solutions provider Silvan Innovation Labs and an early stage computer vision startup. All the four investments are strategic in nature as Samsung had recently partnered with OS Labs to launch the new Galaxy Store, powered by Indus App Bazaar, which brings app discovery and download experience to consumers in 12 local Indian languages in addition to English and offers personalized app recommendations without mandatory sign in.
Similarly, Samsung’s investment in Gnani’s ASR engine has the potential to power Samsung’s Bixby vernacular service in the future. With an installed base of over 6,000 homes and 12 live communities, Silvan’s products and IoT platform will add value to Samsung’s efforts to have all its products IoT ready by 2020.
"It is a moment of great pride for us, to have Samsung Venture, the VC arm of the biggest smartphone brand in the world, show faith and invest in our company. As we look to offer the Indus experience to wider audiences, these funds will help us reach our goal of empowering 100 million Indian users with a content and commerce platform in the language of their choice, thus ensuring a truly inclusive digital growth and an enriched user experience for everyone," said Rakesh Deshmukh, Co-founder, CEO, OSLabs.
Meanwhile, Silvan Innovation Labs is a leader in IoT solutions for homes and enterprises and has pioneered solutions for smart spaces. The startup provides solutions that address safety, security, comfort, convenience and energy management.
"The Indian startup ecosystem has matured over the last few years with early stage companies working on top of the line technology and services, especially in areas like Artificial Intelligence, IoT, cloud and other emerging technology solutions as well as services. Samsung is committed to work with and invest in promising Indian startups. This will be a win-win for both as it will help startups scale their solutions through this deep engagement while we get an opportunity to enrich our offerings to our consumers," said Dr. Aloknath De, Corporate Vice President and Chief Technology Officer, Samsung R&D Institute Bengaluru.