Qualcomm commits up to $150 million to strategic venture fund in China

SAN DIEGO, USA: Qualcomm Inc. announced that it has made a commitment to invest up to $150 million in Chinese startup companies across all stages. Qualcomm will invest in Chinese companies that further the development of mobile technologies in the following areas: Internet; e-commerce; semiconductor; education and health.

Qualcomm is pleased to announce that Cambridge Wowo, a mobile education start-up, and Boohee, a mobile healthcare company, were recently funded. Qualcomm Ventures, the venture investment arm of Qualcomm, will advise and direct Qualcomm's investment activities with respect to these strategic investments.

Qualcomm has been actively investing in China for more than 10 years and this new commitment is driven by the burgeoning start-up community in mobile and wireless as well as the success Qualcomm has had with several Chinese investments. Previous investments which led to successful exits in Chinese companies include: Enorbus (acquired by Walt Disney Co.); Aicent (acquired by TA Associates); and NetQin.

Other notable Chinese investments consist of Xiaomi, Thundersoft, MadHouse, CooTek, Yongche, Dolphin Browser, Alo7, and Hawkeye. Qualcomm also sees China as a strong player in the semiconductor industry and Qualcomm wants to increase investments in this area to add to its existing strategic investments in Chinese companies such as Advanced Micro-Fabrication Equipment Inc. (AMEC), a developer of semiconductor equipment.

Chinese companies receiving investments from Qualcomm can benefit from Qualcomm's insights on mobile technologies and leverage Qualcomm relationships throughout the industry.