Qualcomm Launches $100M Snapdragon Metaverse Fund

Qualcomm Inc (NASDAQ: QCOM) announced Monday the launch of the Snapdragon Metaverse Fund, established to invest up to $100 million in developers and companies building unique, immersive XR experiences, as well as associated core augmented reality (AR) and related artificial intelligence (AI) technologies.

The fund plans to deploy capital through venture investments in leading XR companies to provide funding for a developer ecosystem in XR experiences such as gaming, health and wellness, media, entertainment, education, and enterprise.

"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," said Cristiano Amon, president and CEO of Qualcomm. "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."

"Qualcomm is the ticket to the metaverse," he added.

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The company says it's well positioned to contribute to the development of virtual worlds, as a leader in core technologies such as 5G, AI and XR — all of which are critical to the metaverse.

Qualcomm says the Snapdragon Metaverse Fund will help enable and foster innovation across the entire ecosystem through venture investment and developer ecosystem grants for content projects.

In addition, recipients may have the opportunity to gain early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.