FILE PHOTO: a Qualcomm sign is pictured at the Mobile World Congress (mobile world CONGRESS), Shanghai, China, 28th June, 2019 at the latest. REUTERS/Aly Song
(Reuters) – Qualcomm Inc. on Thursday said it has created a $ 200 million venture capital fund to invest in start-up companies are looking to use the 5G technology in devices other than smartphones and tablets.
We have been providing the chips for 5G, the next generation of mobile networks to be rolled out this year, but the phone manufacturers such as Samsung Electronics Co. Ltd., The San Diego company is the largest supplier of chips for cellular handsets, but the market has not stopped growing.
We have been looking to invest in companies that make use of the 5G in the other areas as well, such as the connection of agricultural and industrial equipment to the internet or to enable self-driving cars to communicate with infrastructure such as traffic lights and road signs.
“5G will transform the industry and should be seen as a strategy for all of the” Steve Mollenkopf, Qualcomm’s chief executive, said in a press release.
I was last year, a similar $100 million fund aimed at startups to create devices, such as smart cameras, which perform artificial intelligence tasks, such as face recognition. Qualcomm sells chips that come with it in that capacity.
Qualcomm’s venture arm, has invested in companies that later went public or have been acquired, including by conference call, company, Zoom Video Communications, smartphone maker Xiaomi Corp., as well as self-driving cars start to Cruise It.
Report by Stephen Nellis in San Francisco; Editing by Steve Orlofsky