Qualcomm Incorporated (NASDAQ: QCOM) today announced the launch of the Qualcomm Ventures 5G Ecosystem Fund to invest up to an aggregate of $200 million in companies building the 5G ecosystem beyond smartphones.
The global fund will focus on investing in startups developing new 5G use cases, driving 5G network transformation and expanding 5G into enterprise markets. This fund is designed to help accelerate 5G innovation beyond the smartphone and drive 5G adoption.
“5G will transform industries and should be viewed as a business strategy for all,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “The intent of this fund is to fuel innovative 5G businesses that will be poised to take advantage of the $13.2T economic benefit that 5G will enable by 2035.”
Last year, Qualcomm announced the launch of the Qualcomm Ventures AI Fund, with a focus on investing in startups using on-device AI.
Qualcomm Ventures has a strong track record of investing in leading global startups with over 350 investments made since the group started in 2000. This includes notable companies like Zoom, Cloudflare, AMEC, Xiaomi, Cruise Automation, 99, Thundersoft, Fitbit and Waze.