Qualcomm has made a commitment to invest up to USD150 million in Chinese startup companies across all stages on July 23, the wireless technology company has announced.
Qualcomm said it will invest in Chinese companies that further the development of mobile technologies in Internet; e-commerce, semi-conductor, education and health areas.
The company has invested in Cambridge Wowo, a mobile education start-up, and Boohee, a mobile healthcare company.
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. 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.
"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. "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.
Sign up for CIO Asia eNewsletters.