Samsung opens branch in Tel Aviv to tap into Israel's engineering innovation

Samsung Electronics opened a branch of its early-stage technology investment program in Tel Aviv to tap into the innovative engineering Israel is known for. Investment in individual companies will typically be about 1 million with no limit on the number of beneficiaries or the funding amount, Eyal Miller, Samsung Next Tel Aviv's general manager and chief executive, said at a news conference. "Everyone is trying to leapfrog the competition," said Kai Bond, general manager and chief executive of Samsung Global Innovation Center in New York. "But for us to continue to innovate three, five, seven years out, we want to play with individuals who are very, very early on, at a concept phase with a vision, as opposed to something that is fully established." Apple, a top Samsung competitor, acquired India's Tuplejump Software this year to expand its expertise in artificial intelligence.