Korea-based enterprise software startup Toss Labs today won the fifth QPrize awarded by Qualcomm Ventures, the investment arm of semiconductor technology manufacturer Qualcomm.
QPrize is a competition for entrepreneurs that can win the seed funding required to developer their idea into a product. Previous winners include retail analytics software producer Capillary Technologies and mobile management system Divide, which have since raised more than $100m between them.
Toss Lab, which is developing enterprise collaboration tools, previously won the regional QPrize competition in Korea, and will receive $250,000 in convertible note funding from Qualcomm as a prize.
The company beat out competition from seven other startups representing Australia, China, Latin America, India, Israel, North America and Europe respectively.