Qualcomm unveils new $100M fund focused on metaverse

Nasdaq-listed semiconductor giant Qualcomm announced Monday its plans to allocate a substantial $100 million to a new fund focused on metaverse-related companies.

Titled ‘The Snapdragon Metaverse Fund,’ the fund will act as a launchpad for developers and companies developing their businesses in extended reality (XR), associated core augmented reality (AR), and related artificial intelligence (AI) technologies.

Extended Reality (XR) is a blanket term for all immersive technologies, including Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), and others. The latest study by Market Research Future (MRFR) expects the XR market to reach $393 Billion by 2025 with a CAGR of 69.4%.

The fund will focus on companies enhancing their XR technologies in the areas of gaming, health and wellness, media, entertainment, education, and enterprise. Cristiano Amon, president and CEO of Qualcomm Incorporated, said in the announcement:

“Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push boundaries of what’s possible as we enter into this new generation of spatial computing.”

Along with the funding, Qualcomm will also provide XR platform technology, hardware kits, a global network of investors, co-marketing and promotion opportunities, and several other benefits.

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