Samsung Venture makes India debut with $8.5m investment in four startups

Photo: Bloomberg

Samsung Venture Investment Corporation (SVIC), the venture capital arm of South Korean tech giant Samsung, on Wednesday announced that it has invested $8.5 million (nearly Rs 60 crore) in four Indian startups.

These startups include system apps company OSLabs (Indus OS), speech technology startup, IoT solutions provider Silvan Innovation Labs and an unnamed early-stage computer vision startup, per an announcement.

While the quantum of money invested in each startup was not disclosed, a company spokesperson told IANS that the investment in each startup ranges between $1 million and $5 million.

SVIC intends to make 100 investments in Indian startups over the next three to five years. The firm will invest in early-stage and growth-stage startups, which are engaged in technology areas or in healthcare and digital vernacular content.

Globally, SVIC invests in startups across the US, UK, Israel, Canada, China, South Korea and Japan, and currently has $2.2 billion worth of assets under management.

OSLabs, one of the companies backed by the venture capital unit, has developed a curated app store – Indus App Bazaar – with over 400,000 mobile apps in multiple Indian languages.

Bangalore-based works in the realm of automatic speech recognition and natural language processing in Indian languages for building voice assistants and speech analytics.

Bengaluru-based Silvan Innovation Labs offers Internet of Things (IoT) solutions for homes and enterprises. The startup provides solutions that address safety, security, comfort, convenience and energy management.