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Qualcomm is offering $100 million to metaverse developers

Qualcomm is offering $100 million

According to a recent press release, American processor company Qualcomm is offering $100 million to metaverse developers. Called the Snapdragon Metaverse Fund, this sum of money has been set aside to developers and companies interested in building “the foundational technologies and content ecosystem to enable the metaverse.”

News that Qualcomm is offering $100 million to metaverse devs makes them the latest in a line of giant corporations interested in carving a space in the nebulous and largely theoretical web3 concept. The fund is an attempt at attracting Extended Reality (XR) developers, which includes Augmented Reality, Virtual Reality, and Mixed Reality.

Although it’s nice to see large companies offer funding for startups with unique ideas, it appears that this money won’t go towards the infrastructure bottlenecks that have been identified as the biggest obstacles to widespread adoption of the metaverse.

The most likely result of this fund is another collection of interesting proofs of concept around existing business models with a metaverse twist and a healthy dose of cringe.

Here’s the full press release from Qualcomm:

Qualcomm Incorporated (NASDAQ: QCOM) today announced the launch of the Snapdragon Metaverse Fund, established to invest up to $100 million in developers and companies building unique, immersive XR experiences, as well as associated core augmented reality (AR) and related artificial intelligence (AI) technologies. 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, Inc. 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 Cristiano Amon, president and CEO of Qualcomm Incorporated. “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 Technologies has been a key contributor in every major computing evolution and is a leader in core technologies such as 5G, AI and XR – all of which are critical to the metaverse. As we enter the new era of spatial computing, the Snapdragon Metaverse Fund will help enable and foster innovation across the entire ecosystem through 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 who are interested to learn more can visit qualcomm.com/metaverse-fund. Applications for the Snapdragon Metaverse Fund will officially open in June.

About Qualcomm

Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. When we connected the phone to the internet, the mobile revolution was born. Today, our foundational technologies enable the mobile ecosystem and are found in every 3G, 4G and 5G smartphone. We bring the benefits of mobile to new industries, including automotive, the internet of things, and computing, and are leading the way to a world where everything and everyone can communicate and interact seamlessly.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering, research, and development functions, and substantially all of our products and services businesses, including our QCT semiconductor business.

About Qualcomm Ventures

Qualcomm Ventures, acting through Qualcomm Ventures LLC or its affiliated entities, has been making strategic investments in technology companies that have the potential to dramatically transform our world since 2000. As a global investor, we look to help entrepreneurs build revolutionary businesses that reshape the world around us.

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Michael Valverde is a freelance writer and editor. His favorite video game is Half-Life.