Qualcomm sets up $200m fund to expand 5G
The communication giant’s aim is to ‘fuel innovative 5G businesses’
Qualcomm Incorporated has set up a fund to build up the 5G ecosystem, as the US chip giant aims to invest in more startups. The aim is to commercialise and expand 5G wireless technology into enterprise markets.
The $200m (£155m, €180m) Qualcomm Ventures 5G Ecosystem Fund is designed to help accelerate 5G innovation beyond the smartphone.
It will also focus on developing new and innovative 5G cases, the company said in a statement.
Steve Mollenkopf, Qualcomm CEO, said the intent is to “fuel innovative 5G businesses that will be poised to take advantage of the $13.2tr economic benefit that 5G will enable by 2035”.
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Last year, Qualcomm announced the launch of the Qualcomm Ventures AI Fund, which invested in startups using on-device AI.
The venture capital investment group of Qualcomm Incorporated, Qualcomm Ventures has a track record of investing in leading global startups. More than 350 investments have been made since the group started in 2000.
These include companies like Zoom, Cloudflare, AMEC, Xiaomi, Cruise Automation, 99, Thundersoft, Fitbit and Waze.