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February 6, 2013

Samsung to set up innovation centre in US

Samsung has revealed a plan to set up an innovation centre in Menlo Park, California which will be used for research projects.

By CBR Staff Writer

The company has also also launched a $100m Catalyst Fund which will focus on research projects and businesses aiming to solve important technology problems.

Samsung expects that the fund will inspire technological breakthroughs related to mobile gadgets as well as focus on nascent technology ideas.

Samsung device solutions president and chief strategy officer Young Sohn said, "Investments by the new funds will be in the areas of Internet-connected devices, mobile health, computer-human interface, cloud-data centers and mobile privacy."

"We believe that a number of venture companies have moved away from basic science and technology that takes a long time to incubate and develop. Samsung has decided we want to step in," Sohn said.

The mobile manufacturer expects to double its revenue and grow to become $120bn company by 2020.

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