SAN DIEGO, Sept. 27, 2015 /PRNewswire/ -- Qualcomm
Incorporated (NASDAQ: QCOM) today announced its intention to invest
up to $150 million in Indian startup
companies across all stages as part of its commitment to
India during a meeting with Prime
Minister Narendra Modi at the
Digital Economy event in San Jose.
Qualcomm Ventures will advise and direct Qualcomm's activities with
respect to these strategic investments.
Qualcomm has been investing in promising Indian startups since
2007 and there are more than 20 Indian companies as part of its
global portfolio. Sectors of investment vary across the mobile
ecosystem and include hardware, software platforms, e-commerce,
healthcare, location based services and retail technology.
Initiatives such as the QPrize™ competition, a global seed
investment competition, as well as an early stage fund, are part of
the team's efforts in encouraging early stage
entrepreneurs.
Qualcomm directly invests in Indian mobile and internet start-up
companies to keenly foster the local ecosystem. Portfolio companies
include Yourstory, a media tech platform for entrepreneurs; Portea
Medical, an in-home healthcare provider; and MapMyIndia, a provider
of digital map, navigation, and tracking products and services.
Indian companies receiving funding can benefit from Qualcomm's
insights on mobile technologies and utilize Qualcomm's
relationships throughout the industry. Qualcomm Ventures'
India team also provides unique
support through its comprehensive knowledge and understanding of
the region.
"We share Prime Minister Narendra
Modi's vision to transform India into a digitally empowered society and
knowledge economy. India is at the
cusp of a technology revolution and mobile technologies will lay
the foundation for Digital India," said Dr. Paul E. Jacobs, executive chairman, Qualcomm
Incorporated. "We are committed to providing local innovative
start-ups with the support needed to help India's IOE ecosystem grow, increasing
consumer choice and availability."
"Since Qualcomm's first India
investment in 2007 and with full-fledged presence starting in early
2008, we continue to invest broadly to strengthen India's overall economy," said Nagraj Kashyap, senior vice president of
Qualcomm Incorporated. "We are committed to providing these
companies with the support needed to help propel them forward in
the competitive Indian region. We're excited about the new
prospects in India and look
forward to growing our portfolio."
Qualcomm also plays a key role driving India's wireless revolution by making mobile
communications increasingly accessible and affordable. For over two
decades, Qualcomm has been helping the country's mobile ecosystem
achieve ongoing success and growth through its work with operators,
OEM/ODMs, software developers, sales/distribution partners,
governmental entities, academic institutions and standards
organizations, among others. Qualcomm believes that its initiatives
in India will help support the
Indian government's Digital India vision.
For more information please visit www.qualcommventures.com.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is a world leader in 3G, 4G
and next-generation wireless technologies. Qualcomm Incorporated
includes Qualcomm's licensing business, QTL, and the vast majority
of its patent portfolio. Qualcomm Technologies, Inc., a subsidiary
of Qualcomm Incorporated, operates, along with its subsidiaries,
substantially all of Qualcomm's engineering, research and
development functions, and substantially all of its products and
services businesses, including its semiconductor business, QCT. For
more than 30 years, Qualcomm ideas and inventions have driven the
evolution of digital communications, linking people everywhere more
closely to information, entertainment and each other. For more
information, visit Qualcomm's website, OnQ blog, Twitter and
Facebook pages.
Qualcomm and QPrize are trademarks of Qualcomm Incorporated,
registered in the United States
and other countries.
Qualcomm Contacts:
Tina Asmar, Corporate
Communications
Phone: 1-858-845-5959
Email: corpcomm@qualcomm.com
Warren Kneeshaw, Investor
Relations
Phone: 1-858-658-4813
Email: ir@qualcomm.com
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SOURCE Qualcomm Incorporated