Samsung Catalyst Fund Research
Investment Thesis
Samsung Catalyst Fund (SCF) is Samsung Electronics' evergreen multi-stage corporate venture capital fund, founded in 2013 and headquartered in San Jose, California. The fund's thesis centers on deep tech AI infrastructure — backing companies that build the foundational hardware, interconnects, software, and platforms that power next-generation computing at scale. SCF invests in startups whose disruptive technologies have the potential to make the world a better place, focusing specifically on innovations that align with or complement Samsung's product roadmap in semiconductors, memory, displays, and consumer electronics.
The fund operates with an explicit mission of "co-prosperity" — seeking wins not only for financial returns but for portfolio founders, partner investors, and the communities where they operate. A key differentiator is the fund's access to Samsung's global manufacturing, supply chain, and distribution platform, which portfolio companies can leverage for strategic partnerships, pilot programs, and go-to-market acceleration.
Sector Focus
SCF focuses on deep tech AI infrastructure across the following domains:
- Cloud and Data Center Infrastructure — cloud computing, storage, data management, and hyperscale workloads
- Artificial Intelligence — AI compute hardware, AI safety, MLOps tooling, AI inference acceleration
- Networking and 5G — V2X (vehicle-to-everything), high-speed networking silicon, connectivity
- Autonomous Systems — self-driving vehicles, imaging radar, physical AI
- Sensors — depth sensors, imaging, lidar
- Quantum Computing — quantum hardware and software platforms
- Semiconductor Interconnects — chiplet interconnect technology, optoelectronics, memory fabric
- Digital Health — AI-powered health platforms, diagnostics, biosystems
- Cybersecurity — hardware-anchored security, automotive cybersecurity
The fund categorizes its portfolio into themes: AI Compute, AI Infrastructure, AI Interconnect, Core Tech, and Digital Health.
Stage Focus
SCF is explicitly multi-stage, investing from early rounds through late-stage growth. Recent investments span:
- Early-stage / Series A: Zadar Labs ($17M Series A, June 2026)
- Growth stage: Normal Computing ($50M Series C, led by SCF, March 2026)
- Late-stage: Upscale AI ($200M Series A, January 2026), Axelera AI ($250M+ round, February 2026), Anthropic ($65B Series H, May 2026)
The evergreen structure means there is no fixed fund lifecycle — SCF can hold positions long-term and follow on through multiple rounds.
Check Size
Check size is highly variable given the multi-stage mandate. SCF participates in rounds ranging from tens of millions to billions. Earlier-stage entry checks are likely in the $3M–$15M range, with significant follow-on capacity for breakout companies. The fund's corporate backing means it is not capital-constrained in the traditional VC sense.
Lead Tendency
SCF both leads and follows. Notable lead examples include the $50M Normal Computing Series C (March 2026) and Upscale AI's Series A (January 2026). In larger rounds like Anthropic's $65B Series H and Axelera AI's $250M round, SCF participates alongside other investors. Decision is driven by strategic fit with Samsung's roadmap.
Recent Activity (2025–2026)
SCF has been actively deploying in 2025–2026 with a clear emphasis on AI infrastructure and semiconductor plays:
- June 2026: Led or co-invested in Zadar Labs $17M Series A (imaging radar for physical AI)
- May 2026: Participated in Anthropic's $65B Series H at $965B post-money valuation
- May 2026: Portfolio exit — Empower Semiconductor acquired by Analog Devices for $1.5B
- April 2026: Portfolio exit — Teramount acquired by Molex (fiber-to-chip connectivity)
- March 2026: Led Normal Computing $50M round (AI-powered EDA platform, thermodynamic compute)
- February 2026: Continued support for Axelera AI in $250M+ funding round
- January 2026: Invested in Upscale AI's $200M oversubscribed Series A (pure-play AI networking)
- December 2024: Portfolio company Tenstorrent raised ~$693M Series D (AI compute platform)
Portfolio Highlights
SCF has made 60+ investments since 2013 across deep tech domains. Notable active portfolio companies include:
- Anthropic — AI safety and research; LLM developer behind Claude
- Tenstorrent — AI compute platform led by Jim Keller; raised $693M+ Series D
- Axelera AI — Purpose-built AI hardware acceleration; $250M+ raised
- Enfabrica — Converged networking and memory fabric silicon for AI/accelerated computing
- Eliyan — High-performance, low-power chiplet semiconductor interconnects
- ClearML — Pioneer in deep learning and MLOps tooling
- Normal Computing — AI-powered EDA platform using thermodynamic computing principles
- Upscale AI — First pure-play AI networking company; unicorn-level valuation at Series A
- Zadar Labs — Imaging radar for physical AI and intelligent infrastructure
- IonQ (NYSE: IONQ) — Quantum computing hardware and software
- Innoviz Technologies (NASDAQ: INVZ) — Lidar for autonomous vehicles
- Credo (NASDAQ: CRDO) — High-speed bandwidth solutions for data infrastructure
Notable exits include:
- Ring → Amazon
- Habana Labs → Intel
- Argus Cyber Security → Continental AG
- BabbleLabs → Cisco
- Celestial AI → Marvell
- Empower Semiconductor → Analog Devices ($1.5B, 2026)
- Teramount → Molex (2026)
- Datrium → VMware
- Preventice Solutions → Boston Scientific
Team
- David Goldschmidt — SVP, Managing Director & Head of Fund. Former Founder/GP at Valley Venture Capital and Managing Partner/CEO at Mofet Technology Fund (publicly traded). M.S. Solid State Physics, B.S. Math & Physics, Tel Aviv University.
- Ray Schuder — Sr. Investment Director. Former head of LG Electronics North American CVC, Managing Director at HP Ventures, and co-founder/MD at AMD Ventures. Named inventor on 8 U.S. patents. Three Masters degrees and MBA from Stanford. GCV Powerlist 100 honoree.
- Ian Clow — Investment Director. Former Samsung global M&A (biopharma/semiconductors), Hall Capital Partners. MBA Harvard Business School; B.S./B.A. UC Berkeley.
- Amit Shofar — Sr. Investment Director, Tel Aviv. Former VP Business Development at Discretix (acquired by ARM) and Trivnet (acquired by Gemalto).
- Rutie Adar — Investments & Innovation Sr. Director, Israel. Founded Samsung's Strategy & Innovation Center in Israel (2013). 32 years in consumer semiconductors. Five academic degrees including STEM and political science.
- Adry Elmilady — Investment Principal, San Jose
- Gil Rotenberg — Investment Principal, Tel Aviv
- Hamid Rategh — Venture Technology Director, San Jose
- Cindy Dole — Deputy General Counsel & Corporate Secretary, San Jose
- Jayeon Yoo — Head of Finance Operations, San Jose
- Martin Scott — Senior Technical Advisor, San Jose
Decision Process
As a corporate venture capital arm of Samsung Electronics, SCF operates with an investment committee structure. The fund is chartered to make independent investment decisions and assume fiduciary responsibility to portfolio companies — meaning the team can move relatively nimbly compared to other CVCs. The team has noted they are "rapid and transparent" in decision-making. Investment decisions are evaluated both for financial return potential and strategic alignment with Samsung's business units.
Geographic Focus
SCF is a global fund with a US-centric base. Primary geographies are:
- US — primarily San Jose / Silicon Valley, but invests nationally
- Israel — strong deal flow from Tel Aviv office; multiple portfolio companies (Argus, Autotalks, Eliyan, Innoviz, Valens, AvicenaTech)
- Europe — selective investments (Axelera AI is Dutch/European)
- Asia — secondary focus given Samsung's footprint; Seoul office
Founder Preferences
SCF is drawn to deep tech founders building infrastructure that can scale globally through Samsung's platform. Ideal founders:
- Are building in semiconductor, AI hardware, connectivity, or digital infrastructure
- Have a technology with potential synergy to Samsung's product lines (memory, displays, semiconductors, mobile)
- Are open to corporate partnership, not just capital
- Can benefit from Samsung's global supply chain, manufacturing, and distribution network
SCF is not a typical software VC — founders building pure SaaS or consumer apps are unlikely to be a fit unless there is a clear hardware or infrastructure angle.