The San Diego wireless technology firm on
Monday announced the initiative, called the Snapdragon Metaverse Fund. It
mirrors other funds that Qualcomm has created over the years to advance
emerging technologies where it has a footprint. An example is the $100-million
Qualcomm Ventures Artificial Intelligence Fund created in 2018.
The company plans to deploy the Snapdragon
Metaverse Fund by investing in virtual and augmented reality companies through
Qualcomm Ventures, its corporate venture capital arm.
It also will establish a grant program for
software developers creating virtual and augmented reality content in fields
such as gaming, health and wellness, media, entertainment and education, as
well as content targeting businesses.
In its metaverse fund announcement,
Qualcomm said that recipients of developer grants could receive more than
money, including “the opportunity to gain early access to cutting-edge XR platform
technology, hardware kits, a global network of investors, and co-marketing and
promotion opportunities.” Applications for the Snapdragon Metaverse Fund will
officially open in June.
What is the metaverse? In broad terms, it’s
a virtual world where users can interact digitally as they would in the real
world. Augmented and virtual reality are part of the metaverse. The most common
application for now is gaming. But the potential uses span a range of fields
and interests.
Using virtual reality, consumers could take
lifelike virtual tours of homes for sale or wander through hotels virtually
before booking. They could get multiple camera angles at sporting events.
Augmented reality glasses could translate signs and menus as overseas travelers
stroll through town, or they could overlay instructions on glasses for repair
crews fixing equipment.
Qualcomm supplies core technologies crucial
to the metaverse, including 5G connectivity, artificial intelligence and
virtual/augmented reality processors and software. It has supplied chips and
software to top virtual reality headset makers for quite a while.
Expansion of this technology is a key piece
of Qualcomm’s efforts to diversify its business beyond smartphones. At
January’s CES consumer electronics trade show in Las Vegas, Qualcomm showcased
its efforts to expand mobile technologies beyond smartphones and deeper into
cars.
“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,” Qualcomm Chief Executive Cristiano Amon said in a statement.
Qualcomm last month posted strong financial
results, driven by 5G Android smartphones, particularly in China, and continued
expansion of its wireless technologies into automotive and other non-smartphone
markets. For the quarter that ended in December, Qualcomm’s revenue reached
$10.7 billion, up 30% over the year-earlier quarter. Adjusted earnings rose 47%
to $3.69 billion, or $3.23 a share.