Qualcomm commits $150m to invest in Chinese start-ups
Qualcomm has launched a $150 million strategic venture fund to invest in Chinese start-ups in the mobile technology space.
The US-based chip maker said the fund - which will be managed by its corporate VC arm Qualcomm Ventures - will invest in the areas of internet, e-commerce, semiconductors, education and health.
Qualcomm said it has been investing in Chinese companies for over 10 years. Its most recent investments were Chinese mobile education start-up Cambridge Wowo and mobile healthcare firm Boohee. Previous exits include Enorbus, which was acquired by Walt Disney; Aicent, which was acquired by TA Associates, and NetQin, which went public in the US in 2011.
"Our strategic collaboration with and technical support of the Chinese wireless industry has helped this vibrant ecosystem, helped drive direct and indirect employment, and contributed to economic growth in the entire Chinese wireless industry," Steve Mollenkopf, CEO of Qualcomm, said in a statement.
Launched in 2000, Qualcomm Ventures has invested in more than 100 companies and 20 GPs internationally. The corporate VC also provides seed stage funding for Chinese entrepreneurs through its program - QPrize/Mobile Internet Startup Competition.
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