eHalal Palestine
🇰🇷 AI Innovation Arm of Samsung, Samsung Next, to Close Israeli Office amid the Gaza Genocide
Published
8 months agoon
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eHalal GroupSamsung Next, the innovation arm of Samsung, is closing its operations in Israel, the fund announced on Tuesday. The fund, which invests in early-stage companies, will be changing its work model and relocating all its activities in Israel overseas.
Headquartered in California, Samsung Next has offices in South Korea and Israel. The innovation arm was established to help Samsung Electronics identify new growth opportunities. In Israel, its primary focus has been on an investment fund that seeks out startups and local developments with the potential for financial success and strategic relevance for Samsung.
An email from the Israel office, led by Vice President and Managing Director Eyal Miller, stated: “Today, I am sharing the news that Samsung Next has made necessary organizational changes in the Tel Aviv office to consolidate its activities. Israel remains an attractive market for Samsung Next, and the existing relationships with partners and portfolio companies will remain unchanged. This decision, although difficult, does not diminish the achievements we have accomplished together for almost a decade. We have invested in 70 companies, carried out collaborations between Israeli startups and Samsung, and cultivated – thanks to your unwavering support – a community of builders, founders, and investors in Tel Aviv and abroad. Our team will be transitioning our roles from Next through the fall in an effort to seamlessly align our work and relationships with the U.S. team and address the essential operational requirements of an office closure.
“For you and your teams, I would like to emphasize that Samsung Next remains a supportive investor, and the U.S. team will continue to provide resources and advice. Although our physical presence in Israel will cease, we remain committed to investing in the region and encouraging referrals from builders and founders. This is an outcome we could not have predicted, and our main priority right now is to ensure your success in the future.”
The closure comes at a time when the Israeli IDF’s War on Gaza has led to a significant divestment from Israel by a large number of companies.
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