A $100 million fund has been set up by Qualcomm to invest in virtual and augmented reality technologies in an effort to jumpstart the metaverse.
Qualcomm, a San Diego-based wireless technology firm, announced a new initiative on Monday, called the Snapdragon Metaverse Fund. The fund echoes other funds that Qualcomm has established over the years to help advance emerging technologies where it has a footprint. An example is the $100 million Qualcomm Ventures Artificial Intelligence Fund created in 2018.
Through Qualcomm Ventures, Qualcomm intends to invest in virtual and augmented reality companies using the Snapdragon Metaverse Fund. A grant program will be established for developers designing virtual and augmented reality content for fields such as gaming, health, entertainment, education, and media. The Snapdragon Metaverse Fund will officially open in June.
Chips provided by Qualcomm for virtual reality headsets and chips created for augmented reality headsets have already been obtained through a partnership with Microsoft. Qualcomm’s sales of chips related to the metaverse contributed 17% to its $10.7 billion revenue.
According to a March 21 announcement, some of the funding will also go for a grant program for developers working on XR-focused gaming, health, wellness, and media experiences.
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.
Cristiano Amon, Qualcomm Chief Executive
The Metaverse is powered by Qualcomm technology, including 5G connectivity, artificial intelligence, virtual reality processors, and augmented reality software. Since quite some time, it has supplied chips and software to top virtual reality headset makers. As part of Qualcomm’s effort to diversify beyond smartphones, it is expanding this technology.
The company also teased that recipients will gain access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities as part of the grant program.
As virtual world initiatives gain traction, more startups are getting funding to build them. One of these is Space Runner, which raised $10 million to create clothing and other wearables as digital assets.
