Mobile semiconductor maker Qualcomm plans to invest up to $150m in India-based startups through a newly formed corporate venturing fund.
The initiative was announced by executive chairman Paul E Jacobs at the Digital India dinner, held as part of a visit by Indian prime minister Narendra Modi to Silicon Valley. The fund, not yet named, will be advised by Qualcomm Ventures, Qualcomm’s corporate venturing unit.
Qualcomm intends to fund companies developing mobile and internet of everything (IOE) technology, and will also supply marketing, technology and business support for each startup through a Qualcomm Innovation Lab that will be established in the city of Bangalore.
Jacobs said: “We share Modi’s vision to transform India into a digitally empowered society and knowledge economy. India is at the cusp of a technology revolution and mobile technologies will lay the foundation for Digital India.
“We are committed to providing local innovative start-ups with the support needed to help India’s IOE ecosystem grow, increasing consumer choice and availability.”
India-based companies that have already received funding from Qualcomm through Qualcomm Ventures include real estate portal Housing.com, mobile video platform Apalya and marketing analytics technology provider Capillary Technologies.