Samsung Electronics Co., South Korean tech behemoth, said Monday that it has launched a startups-incubating program in Israel as part of its efforts to help promising startups expand their presence.

The Samsung NEXT Tel Aviv will serve as a center for startups there. A startup may be funded up to US$1 million by Samsung, and the South Korean tech firm will cooperate with venture firms with cutting-edge technologies through a stake purchase and mergers and acquisitions.

Samsung Electronics has invested in a total of 18 local startups there over the past three years.

Samsung, the world's largest manufacturer of smartphones, also operates similar programs in New York and San Fransisco. (Yonhap)