Samsung’s making another big bet on artificial intelligence. The company on Wednesday said its Silicon Valley-based Samsung NEXT business has launched a new fund to invest in early-stage startups “solving AI problems, as well as those using AI to solve computer science problems.” The Q Fund doesn’t have a cap, but it falls under Samsung NEXT’s overall $150 million investment fund. The new AI fund will invest only in seed and series A investments, the earliest stages of a startup’s operations. Such investments typically are up to $1 million, though the Samsung NEXT fund managers can invest more, as well. Now Playing: Watch this: Siri vs. Google Assistant vs. Bixby 4:46 “We want to invest in the people and teams who will try new approaches to lay the groundwork for what AI will be,” Ajay Singh, one of the managers of the Q Fund, said in a statement. That includes some riskier startups that other VC firms may not consider, he added during a meeting with reporters on Tuesday ahead of the announcement. That largely means technology that’s five years or further away. And instead of looking for companies with clear business plans, Samsung instead plans to seek out startups that are working on tough technical problems — without necessarily knowing how to make money from their offerings. “Once you figure out how to solve the foundational problems in society, the business model is easy,” Vincent Tang, the fund’s other manager, said Tuesday during a meeting with reporters. The new… [Read full story]
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