US-headquartered mobile semiconductor technology producer Qualcomm unveiled an investment vehicle on Monday that will provide up to $100m in funding for developers of metaverse technology.
Snapdragon Metaverse Fund, named after the corporate’s Snapdragon system-on-chip product range, will focus on extended reality (XR) technology startups and deploy capital through Qualcomm’s core investment arm, Qualcomm Ventures, and through a grant initiative intended to grow the overall ecosystem.
Qualcomm is already working on XR – a blanket term for augmented, virtual and mixed reality – technology covering areas such as displays, power, illumination, connectivity and motion tracking. Its lead products in the space are the X1 and 5G-focused X2 platforms.
The fund will invest in developers of immersive XR products as well as augmented reality technology and artificial intelligence software which could be utilised in the sector.
Cristiano Amon, Qualcomm’s president and CEO, said: “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.
“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 Ventures’ recent investments in the wider XR space include a $15.7m round for visual inspection technology developer Deep Vision this week and a $25m series C round for virtual reality game studio Resolution Games in July 2021.
Image courtesy of Qualcomm Technologies, Inc.
