Qualcomm launches fund to invest in mobile tech firms
Print Edition
QUALCOMM Inc, the world’s biggest mobile chip designer for 3G and 4G devices, yesterday announced a new investment fund of US$150 million in China that will focus on local startup companies dealing with mobile technologies.
Qualcomm’s new fund will cover sectors of Internet, e-commerce, semiconductor, education and health. Qualcomm, which has invested in more than 20 firms in China including Xiaomi, has invested in two more firms — Cambridge Wowo, a mobile education start-up, and Boohee, a mobile healthcare company.
“Qualcomm has contributed to China’s wireless industry by investing in research and development, licensing advanced technologies, and providing the most advanced chipsets to Chinese companies,” Steve Mollenkopf, chief executive officer of Qualcomm, said on his third trip to China since he became the CEO in March.
China’s mobile connection device number will hit 1 billion units in 2017, compared with 500 million in 2013, said Mollenkopf, who sees great potential in the Chinese market for Qualcomm and its clients like Xiaomi and Huawei.
But Qualcomm is still facing an anti-monopoly investigation from Chinese regulator for charging local firms “unreasonably high level” of license fee, Securities Times reported yesterday. The paper cited unidentified source from the National Development and Reform Commission (NDRC).
Qualcomm declined comment on the issue yesterday, neither did the NDRC.
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