Qualcomm, on Wednesday announced that it has invested in nine Chinese startups, including bike-sharing titan Mobike Technology and Beijing-based image recognition startup SenseTime using its $150 million China Venture Fund announced in 2014 which span IoT, big data, artificial intelligence and more.
"Qualcomm is committed to be a supporter of technological innovation and aims to foster better life for the public. In the future, Qualcomm Ventures will continue to support tech startups to innovate in cutting-edge technologies and boost the related industries," said Quinn Li, Qualcomm's vice-president and global head of Qualcomm Ventures.
Other startups being backed by Qualcomm include wireless technology provider CreatComm Technology, AI startup Kneron, unmanned convenience store operator Zero Element, virtual reality and augmented reality film and television content provider Magic AI and leading electronic building blocks manufacturer and learning tools provider Microduino. Beijing Acsm Agriculture Consultant and Smart Management Technology Service and Alo7, which offers immersive English learning environment for children, also received additional investment from Qualcomm. The company did not disclose the size of the investment.
This group of innovative companies focuses on AI, IoT and other areas. We strive to help these companies make their ideas and creativity a reality, by providing financial, technology and business support. Qualcomm Ventures will continue to enable innovation among startups in the frontier tech areas, and help grow the entire industry,” Li added.
Qualcomm’s China venture business has close to 40 portfolio companies today. The chipmaker announced a similar batch of investment deals back in late 2015, and this latest round of deals comes off the back of some serious politicking in China, a market that accounts for more than half of its revenue.