Chip giant Qualcomm launches $100M Metaverse fund
Multinational software and microchip giant Qualcomm Incorporated has launched a $100 million Metaverse fund to back extended reality (XR), artificial intelligence (AI), and augmented reality (AR) tech companies.
Extended reality, or XR, refers to the combination of smartphones along with AR and VR technology such as headsets and glasses.
The investment project is dubbed the “SnapDragon Metaverse Fund” in reference to the firm’s Snapdragon chips that are designed for a long list of devices including smartphones, tablets, computers, smartwatches, and smartbooks.
According to a March 21 announcement, the funding will also go towards a grant program for developers building XR-focused gaming, health, wellness, media, and entertainment experiences.
“Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push the boundaries of what’s possible as we enter into this new generation of spatial computing,” said president and CEO of Qualcomm Incorporated, Cristiano Amon.
The firm stated that it is aiming to be the “ticket to the metaverse” via its 5G, AI, and XR technologies which it describes as being critical to the Metaverse. While Qualcomm’s website also indicates that it is aiming to combine a smartphone, VR headset, and AR glasses into a single XR device in the future.
The firm also teased that recipients of the grants will gain “early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.”
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