iOnRoad Wins Third Annual Qualcomm Ventures QPrize™ Venture Investment Competition
SAN DIEGO, March 14, 2013 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM), through its venture capital arm Qualcomm Ventures, today announced the winner of the third annual Qualcomm Ventures QPrize™, an international venture investment competition, at an event hosted in Napa. iOnRoad, an Israeli company, took top honors against tough competition from seven other regional winners representing North America, Eastern Europe, Western Europe, Brazil, China, Korea, and India.
The company previously won QPrize's Israel regional competition and was awarded US$100,000 in venture financing to cultivate their business. As the QPrize Grand Prize winner, iOnRoad will receive an additional US$150,000 in convertible note funding from Qualcomm.
iOnRoad improves driving in real-time using the power of advanced smartphones. The app uses the smartphone's native camera and sensors to detect vehicles ahead of their own, alerting drivers when they are in danger. iOnRoad's VisualRadar maps objects in front of the driver in real time, calculating the user's current speed using native sensors. As the vehicle approaches danger, an audio-visual warning pops up to warn the driver of a possible collision, allowing them to brake in time.
"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," said Nagraj Kashyap, senior vice president of Qualcomm Ventures. "We congratulate iOnRoad on their exceptional achievement and look forward to helping them expand their business opportunities and market presence. We also want to congratulate the seven other regional winners — Might Text, Everplaces, Pult, Touchair, Deck App Technologies, Easyworks and Zoop — who have each received US$100,000 (€100,000 in Europe) in venture financing from Qualcomm."
More information on iOnRoad is available at the company's website: http://www.ionroad.com/. The third annual Qualcomm Ventures QPrize competition provides over $1 million in total seed funding for the entrepreneurs of today as they work to bring their ideas to market. Additional details on regional finalists and the Grand Prize event are available at www.qprize.com.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is the world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm's website, OnQ blog, Twitter and Facebook pages.
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Emily Kilpatrick, Corporate Communications
Warren Kneeshaw, Investor Relations
SOURCE Qualcomm Incorporated