Qualcomm launches $100m fund for metaverse technologies

Chips maker Qualcomm announced the launch of a $100 million investment fund focused on metaverse-building technologies.

Proud to introduce the @Snapdragon Metaverse Fund, which will invest up to $100M in #XR developers and companies building immersive experiences and foundational technologies enabling the #Metaverse. Learn more: https://t.co/pG1KtkBqS4

— Qualcomm (@Qualcomm) March 21, 2022

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The Snapdragon Metaverse Fund aims to support companies and developers in the fields of artificial intelligence, augmented and virtual reality.

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“We provide revolutionary technologies and platform experience that will enable both consumers and enterprises to create metaverses and participate in them, as well as enabling the connection between the physical and digital worlds,” said Cristiano Amon, president and CEO of Qualcomm.

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The fund plans to raise capital through a combination of venture investments from Qualcomm Ventures and the Qualcomm Technologies grant program. The company will provide participants with early access to new technologies, as well as opportunities for joint marketing and promotion.

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“Through the Snapdragon Metaverse Fund we hope to expand the resources available to developers and companies of all sizes as they push the boundaries of what’s possible as we enter this new generation of spatial computing,” added Amon.

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The opportunity to apply for funding will open in June.

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Earlier in March, Bessemer Venture Partners launched a $250 million fund for investments in metaverses, DAOs and NFTs.

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