Semiconductor technology company Qualcomm launched a $150m fund yesterday that will fund China-based mobile IT startups.
Qualcomm will seek to invest in companies developing technology for the internet, e-commerce, semiconductor education and health sectors. Its corporate venturing fund, Qualcomm Ventures, will direct the investments.
The first two companies to receive cash through the fund are early education service Cambridge Wowo and mobile healthcare company Boohee, Qualcomm said, though it did not disclose any additional details.
Qualcomm said it is investing the money because it views China as a strong player in the semiconductor industry and wants to strengthen its presence in the country, where it has been investing for over a decade.
China-based companies to have secured funding from Qualcomm in the past include smartphone producer Xiaomi, online transport booking company Yongche and mobile browser MoboTap.
Exits include Enorbus, acquired by Disney in 2007, and Aicent, bought by Syniverse in May this year for $290m.