Qualcomm Commits Up To $150 Million to Strategic Venture Fund in China
SAN DIEGO, July 23, 2014 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM) today announced that it has made a commitment to invest up to $150 million in Chinese startup companies across all stages. Qualcomm will invest in Chinese companies that further the development of mobile technologies in the following areas: Internet; e-commerce; semi-conductor; education and health. Qualcomm is pleased to announce that Cambridge Wowo, a mobile education start-up, and Boohee, a mobile healthcare company, were recently funded. Qualcomm Ventures, the venture investment arm of Qualcomm, will advise and direct Qualcomm's investment activities with respect to these strategic investments.
Qualcomm has been actively investing in China for more than 10 years and this new commitment is driven by the burgeoning start-up community in mobile and wireless as well as the success Qualcomm has had with several Chinese investments. Previous investments which led to successful exits in Chinese companies include: Enorbus (acquired by Walt Disney Co.); Aicent (acquired by TA Associates); and NetQin (NYSE: NQ). Other notable Chinese investments consist of Xiaomi, Thundersoft, MadHouse, CooTek, Yongche, Dolphin Browser, Alo7, and Hawkeye. Qualcomm also sees China as a strong player in the semiconductor industry and Qualcomm wants to increase investments in this area to add to its existing strategic investments in Chinese companies such as Advanced Micro-Fabrication Equipment Inc. (AMEC), a developer of semiconductor equipment.
Chinese companies receiving investments from Qualcomm can benefit from Qualcomm's insights on mobile technologies and leverage Qualcomm relationships throughout the industry.
"Since first introducing our technology and products in China well over a decade ago, Qualcomm has contributed to China's wireless industry through investing in research and development, licensing our advanced technologies, and providing the most advanced chipsets to Chinese companies," said Steve Mollenkopf, chief executive officer of Qualcomm Incorporated. "Our strategic collaboration with and technical support of the Chinese wireless industry has helped this vibrant ecosystem, helped drive direct and indirect employment, and contributed to economic growth in the entire Chinese wireless industry. Through these strategic collaborations and increased venture investments, Qualcomm remains committed to supporting the continuous growth of China's flourishing mobile ecosystem, the development of 4G LTE networks, devices and applications, and addressing industry evolutions and challenges, including the impending 1000x mobile data challenge."
Qualcomm Ventures was formalized in 2000 and currently has a portfolio of more than 100 active companies and 20 investment managers across the globe. Qualcomm Ventures also invests in seed stage companies through its QPrize/Mobile Internet Startup Competition which evaluates and awards seed funding for promising early stage Chinese entrepreneurs.
For more information please visit www.qualcommventures.com.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is a 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.
Tina Asmar, Corporate Communications
Warren Kneeshaw, Investor Relations
SOURCE Qualcomm Incorporated