- Through the Metaverse fund launched this week, the chip company aims to expand the market for its products and fulfil its broader aim to diversify the core business.
- According to Qualcomm, it will offer businesses and developers funding through equity investments and grants.
Qualcomm, a wireless technology company, announced the launch of the Snapdragon Metaverse Fund, created to invest up to USD 100 million to help jumpstart the Metaverse. The investment will support developers, and those companies trying to build unique, immersive XR experiences and associated core Augmented Reality (AR) and related Artificial Intelligence (AI) technologies.
According to Qualcomm, it will offer businesses and developers funding through equity investments and grants. The company will begin accepting applications for the fund—which bears the name of its Snapdragon product brand – in June. The chip development company has used its balance sheet to make venture investments for more than two decades and currently has about USD 2 billion in assets under management in its venture portfolio.
The fund intends to deploy capital through a combination of venture investments in leading XR companies by Qualcomm Ventures and a grant program by Qualcomm Technologies for developer ecosystem funding in XR experiences such as gaming, entertainment, education, enterprise, health, and wellness media.
“We deliver the groundbreaking platform technology and experiences that will enable both the consumer and the enterprise to build and engage in the Metaverse and allow the physical and digital worlds to be connected. Qualcomm is the ticket to the Metaverse,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push boundaries of what’s possible as we enter into this new generation of spatial computing.”
The wireless technology-based company has made great contributions in every major computing evolution and always stood on top in core technologies such as 5G, AI, and XR, all of which are crucial for the Metaverse. While entering into the new era of spatial computing, the Snapdragon Metaverse Fund will foster innovation in the entire ecosystem using venture investment and developer ecosystem grants for content projects.
Moreover, recipients may also gain early access to cutting-edge XR platform technology, a global network of investors, hardware kits, and co-marketing and promotion opportunities.
The metaverse fund launched this week aligns with the company’s broader aim to diversify its core business, said Tristan Gerra, managing director and senior semiconductor analyst at investment firm Robert W. Baird and amp; Co.
Qualcomm announced that it has also collaborated with Square Enix as part of a Snapdragon Spaces Project to develop head-worn augmented and mixed-reality gaming experiences.
The project will mark Square Enix’s advancement technology division working on the Snapdragon Spaces XR developer platform.
“Square Enix has always been committed to state-of-the-art game technology to push storytelling boundaries, delivering unforgettable experiences for our fans,” said Ben Taylor, Square Enix Technical Director.” We have been investing in XR and look forward to building on Snapdragon Spaces. In particular, we think the time is right with XR to innovate on games of a classic genre we are especially known for.”