Qualcomm Inc set up a $200 million fund to build up the 5G ecosystem, as the US chip giant aims to finance more startups to commercialize the new-generation wireless technology.
The Qualcomm Ventures 5G Ecosystem Fund will focus on investing in startups developing new and innovative 5G use cases, driving 5G network transformation and expanding 5G into enterprise markets, the company said in a statement.
"This fund is designed to help accelerate 5G innovation beyond the smartphone and drive 5G adoption," it added.
As 5G continues to roll out faster and more broadly than 4G, industry experts expect it to have a significantly greater impact than any previous generation of cellular technology and fuel a new era of innovation.
"5G will transform industries and should be viewed as a business strategy for all," Steve Mollenkopf, CEO of Qualcomm Inc, said, "The intent of this fund is to 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 Ventures said it has a strong track record of investing in leading global startups with over 350 investments made since the group started in 2000. This includes notable companies like Zoom, Cloudflare, AMEC, Xiaomi, Cruise Automation, 99, Thundersoft, Fitbit and Waze. Chinese startups have been major beneficiaries of Qualcomm's investment plans.