Samsung Electronics has invested into Bayshore Networks, which is a company that specializes in IoT (Internet of Things) security for industries.
According to Samsung Electronics on the 21st, Samsung NEXT Fund recently invested into Bayshore Networks, which has its headquarters in the U.S., through 'series A' type of investment. Series A is a first VC (Venture Capital) investment step after angel investment. Samsung NEXT is an investment fund that was established at the end of last year by Samsung Electronics in order to look for and promote startup companies and to carry out investments.
Bayshore Networks, which was established in 2012, is a company that specializes in developing IoT technologies for industries and manufactures technologies that connect industrial equipment to network and security systems. Due to recent situations where industrial infrastructures such as data centers and manufacturing facilities are exposed to cyber hacking threats, it is currently working on developing security technologies that are related to those threats. Bayshore Networks was able to attract investments from Yokogawa Electric, which is the world's biggest electronic measuring instrument manufacturers, at the end of last year and it is seen as a company that has unparalleled technologies in IoT field in the world.
Exact amount of investments is not known. In last year, Bayshore Networks attracted $6.99 million (8.00 billion KRW) of investments and it is estimated that Samsung NEXT has made millions of dollars of investments this time.
Samsung Electronics made its first investments into Entrypoint, which is a company that specializes in virtual reality technologies, in this year and it is continuously making investments into other promising companies.
These investments are seen as Samsung Electronics' strategy in grabbing upper hands in IoT markets. IoT is a field that is chosen by Samsung Electronics as a market that will bring profits for Samsung Electronics in the future. Its plan is to connect all of its household appliance products to IoT network by 2020 and also expand towards industrial fields as well in order to have experiences in all IoT technologies.
Samsung Electronics announced that it will try to grab upper hands in industrial IoT markets that are relatively non-pioneered markets.
In order to lead in next-generation markets such as IoT, artificial intelligence, and automotive components, Samsung Electronics is actively making strategic investments and developing new technologies.
Samsung Electronics has been carrying out co-projects for IoT with an American startup company called Perch since 2015. In 2014, Samsung Electronics invested $200 million to purchase Smart Things, which was a company that developed IoT platforms.
"This investment is also part of everyday investments since goal of Samsung NEXT is to invest into promising companies." said a representative for Samsung Electronics. "It is difficult to disclose amount of investments that Samsung NEXT has made into Bayshore Networks."
Staff Reporter Park, Sora | [email protected]
