Five new startups from Samsung Electronics’ (Samsung) C-Lab Inside in-house incubation program will receive support from the electronics and technology company.
Samsung started C-Lab in 2012 with the aim of empowering employees and supporting their innovative ideas while instilling a corporate culture in which creativity is at the core. The program supports the development of ideas from all areas of the business.
Since 2015, Samsung has been supporting successful C-Lab projects that demonstrate great market potential and facilitating their launch as startups under the C-Lab spin-off policy.
The five new startups include Blockbuster, Hyler, Haxby, SunnyFive, and RootSensor.
These five startups take advantage of the innovation of emerging technologies such as artificial intelligence and machine learning. Their products and services are geared toward education and productivity building applications that would make daily life and work much easier than before using technology. The others aim at building environment-friendly devices to minimize carbon footprint.
As a result, 163 employees have established 45 startups since the inception of the C-Lab program. Not only have these companies raised $45 million in funding over the years, but their value has more than tripled compared to the time at which they were spun off.
“Including these five companies, a total of 45 C-Lab alumni startups have been created as a result of the C-Lab program,” said Inkuk Hahn, Vice President and Head of the Creativity & Innovation Center at Samsung Electronics. “These results illustrate Samsung’s commitment to investing in employee-driven innovation and promoting the South Korean startup ecosystem. Going forward, we will continue working to unlock Samsung employees’ potential for creative innovation while encouraging the entrepreneurial spirit.”