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Qualcomm launches US$150m fund for Chinese startups
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QUALCOMM Inc, the world’s biggest mobile chip designer for 3G and 4G devices, today announced an investment fund of US$150 million in China. It will focus on local startup companies covering mobile technologies.
The tech company’s new fund will cover the Internet, e-commerce, semiconductor, education and health sectors.
Qualcomm has already used the fund to invest in Cambridge Wowo, a mobile education start-up, and Boohee, a mobile health care company.
Steve Mollenkopf, chief executive officer of Qualcomm, said the company has contributed to China’s wireless industry by investing in research and development, licensing its advanced technologies and providing the most advanced chipsets to Chinese companies.
The number of mobile devices in China will hit 1 billion units in 2017, compared with 500 million in 2013, said Mollenkopf, who has visited China three times since taking over as CEO in March.
Qualcomm’s chips are used in all Android phones including Samsung’s Galaxy S5 and Xiaomi’s Mi4.
Qualcomm is still facing an anti-monopoly investigation from the Chinese regulator for allegedly charging local companies “unreasonably high” license fees, media reports said today, citing the National Development and Reform Commission.
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