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Qualcomm rolls out $100m metaverse fund

Qualcomm rolls out $100m metaverse fund.

Qualcomm has launched a new fund that will invest up to $100 million in the metaverse. According to the company, the “Snapdragon Metaverse Fund is designed to be a launchpad for extended reality developers and companies building the foundational technologies and content ecosystem to enable the metaverse.”

PRESS RELEASE

Qualcomm Incorporated (NASDAQ: QCOM) today announced the launch of the Snapdragon Metaverse Fund, established to invest up to $100 million in developers and companies building unique, immersive XR experiences, as well as associated core augmented reality (AR) and related artificial intelligence (AI) technologies. The fund plans to deploy capital through a combination of venture investments in leading XR companies by Qualcomm Ventures and a grant program by Qualcomm Technologies, Inc. for developer ecosystem funding in XR experiences such as gaming, health and wellness, media, entertainment, education, and enterprise.

“We deliver the groundbreaking platform technology and experiences that will enable both the consumer and the enterprise to build and engage in the metaverse and allow the physical and digital worlds to be connected. Qualcomm is the ticket to the metaverse,” said Cristiano Amon, president and CEO of Qualcomm Incorporated. “Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push boundaries of what’s possible as we enter into this new generation of spatial computing.”

Qualcomm Technologies has been a key contributor in every major computing evolution and is a leader in core technologies such as 5G, AI and XR – all of which are critical to the metaverse. As we enter the new era of spatial computing, the Snapdragon Metaverse Fund will help enable and foster innovation across the entire ecosystem through venture investment and developer ecosystem grants for content projects. In addition, recipients may have the opportunity to gain early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.

Companies and developers who are interested to learn more can visit qualcomm.com/metaverse-fund. Applications for the Snapdragon Metaverse Fund will officially open in June.

About Qualcomm
Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. When we connected the phone to the internet, the mobile revolution was born. Today, our foundational technologies enable the mobile ecosystem and are found in every 3G, 4G and 5G smartphone. We bring the benefits of mobile to new industries, including automotive, the internet of things, and computing, and are leading the way to a world where everything and everyone can communicate and interact seamlessly.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering, research, and development functions, and substantially all of our products and services businesses, including our QCT semiconductor business.