Qualcomm Ventures, the corporate venturing division of US telecoms equipment maker Qualcomm, has declared iOnRoad, a developer of a driving app for smartphones, as the winner of the third annual Qualcomm Ventures QPrize. iOnRoad beat seven other finalists and won $150,000 in convertible note funding.
iOnRoad previously won QPrize’s Israel regional competition, for which they received $100,000 in venture financing.
iOnRoad improves driving in real-time using the power of advanced smartphones. Their app uses the smartphone’s native camera and sensors to detect vehicles ahead of their own, alerting drivers when they are in danger.
Nagraj Kashyap, senior vice president of Qualcomm Ventures, said: “We had an enormous amount of interest in this year’s QPrize competition and it’s clear that entrepreneurs have fully embraced the mobile platform and are on their way to building some great companies.”