Qualcomm Technologies, Inc. is upping its investment into the metaverse.
On March 21, the San Diego-based company announced the creation of the Snapdragon Metaverse Fund – a $100 million investment designed to be a launchpad for extended reality (XR) developers and companies building the foundational technologies and content ecosystem to enable the metaverse.
The fund plans to deploy capital through a combination of venture investments in leading XR companies by Qualcomm Ventures and a grant program by Qualcomm Technologies for developer ecosystem funding in XR experiences such as gaming, health and wellness, media, entertainment, education and enterprise.
“We deliver the groundbreaking platform technology and experiences that will enable both the consumer and the enterprise to build and engage in the metaverse and allow the physical and digital worlds to be connected. Qualcomm is the ticket to the metaverse,” said Qualcomm CEO and president Cristiano Amon.
“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,” Amon added.
Qualcomm Technologies’ investment into the metaverse is part of a continuing pattern of the company to contribute investments into “major evolutions” in computing, including core technologies such as 5G, AI and XR – all of which are critical to the metaverse and the company has already made investments in this next generation of “spatial computing.”
Decade of Meta Experience
The metaverse is the term used to describe computer-generated places that allow people to explore three dimensionally using VR or AR glasses or devices.
The most common application for the metaverse right now is in video gaming, but other uses such as virtual meetings, seminars, arts performances and even shopping are starting to gain traction.
Qualcomm’s foundation technologies for spatial computing include platforms that are heavily used in many top augmented venality and virtual reality devices made by companies such as Meta, Microsoft, Snap and Lenovo.
The new fund is aligned with a number of efforts the company has developed including a portfolio of Snapdragon XR Platforms, Snapdragon Spaces XR Developer Platform, and XR Labs Europe.
Investing in Metaverse for More than a Decade
“Qualcomm has been investing in the underlying and core technologies and chipsets to enable the metaverse for over a decade and we will continue to do so to help all our partners build and realize the full potential the of metaverse,” said Hugo Swart, vice president and general manager of XR for Qualcomm.
“We have been investing in XR globally for almost 10 years, in companies such as Owlchemy Labs, Matterport, Realwear and most recently Resolution Games,” Swart added.
The Snapdragon Metaverse Fund will continue and expand this investment to enable and foster innovation across the entire ecosystem through both venture investment and developer ecosystem grants for content projects.
In addition, recipients may have 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.
Companies and developers interested in the Snapdragon Metaverse Fund are encouraged to visit qualcomm.com/metaverse-fund. Applications for the fund will officially open in June.
CEO: Cristiano Amon
Headquarters: San Diego
Business: Manufacturer of processors for mobile phones, computers
Revenue: $33.57 billion (2021)
Stock: QCOM (NASDAQ)
Notable: Qualcomm’s Snapdragon XR platform is already used in top metaverse devices for Meta, Microsoft, Snap, Levono and more.