UPDATED 20:47 EST / OCTOBER 24 2019

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Qualcomm to invest $200M in 5G wireless startups

Chipmaker Qualcomm Inc. is ready to put its money where its mouth is on 5G technologies.

The company is setting up a new $200 million investment fund to back early-stage startups developing fifth-generation wireless applications beyond smartphones, in what looks to be an effort to accelerate adoption of the new technology.

The Qualcomm Ventures 5G Ecosystem Fund will support startups across the 5G landscape over the next five years. The idea is to seek out promising companies in devices, networking, communications, applications and services.

Qualcomm said it’s already well-positioned to help ramp up 5G services in the U.S. It noted that most U.S. carriers are on track to provide nationwide 5G coverage by the middle of next year, saying there will be more operators and devices with 5G, relative to 4G, that will launch in the same time frame.

Still, Qualcomm said, the real potential of 5G lies beyond just the smartphone market.

“5G will transform industries and should be viewed as a business strategy for all,” Qualcomm Chief Executive Officer Steve Mollenkopf said in a statement. “The intent of this fund is too fuel innovative 5G businesses that will be poised to take advantage of the $13.2 trillion economic benefit that 5G will enable by 2035.”

Qualcomm’s venture capital arm Qualcomm Ventures will manage the new fund.

Photo: mohamed_hassan/pixabay

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