South Korean conglomerate Samsung’s venture arm that actively invests in future-oriented businesses recently announced its intent to fund startups in electronics hardware and software start ups in India. It has already invested approx $8.5 million in four start ups – system apps company OSLabs (Indus OS), speech technology startup Gnani.ai, IoT solutions provider Silvan Innovation Labs and an early-stage computer vision startup, whose name it did not disclose.
OSLabs has developed a curated app store, Indus App Bazaar, which has a collection of over 400,000 mobile apps in multiple Indian languages. Bangalore-based Gnani.ai works in the space of automatic speech recognition and natural language processing in Indic languages for building voice assistants and for speech analytics. Silvan Innovation Labs is a leader in IoT solutions for homes and enterprises and has pioneered solutions for smart spaces.
These companies are to supply products to both Samsung India and other smartphone vendors who currently source components from Samsung’s overseas operations.
Dr. Aloknath De, Corporate Vice President and Chief Technology Officer, Samsung R&D Institute Bengaluru, said, “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,”
Samsung said that it sees great potential in the component industry especially because of the ‘Make in India’ initiative which charges greater taxes on imports of consumer electronics and mobile phone components. It is also in talks with the government to begin exporting components from India.
Image Source – Samsung