San Diego-based Qualcomm Inc. (Nasdaq: QCOM, News) announced a commitment to invest euro 100 million, or about $134.8 million, in European companies offering innovative technologies and services that enhance the global wireless communications ecosystem.
Qualcomm Ventures' investment strategy will focus on European small- to medium-sized enterprises and startups that can serve the 3G (WCDMA) business case in Europe through innovation in the following sectors: mobile application/platform software developers, handset components, network infrastructure and core technologies providers.
In addition, Qualcomm Ventures will provide these companies with strategic guidance, advice in enhancing and protecting their innovations, support in standardizing their technology, and help getting faster access to global markets.
"Qualcomm is serious about being a partner to the European wireless market," said Andrew Gilbert, president, Qualcomm Europe. "We are actively seeking opportunities to invest in and support promising European companies. Not only do we recognize Europe's significant market potential, but we believe this kind of investment and know-how support will help to unlock the true potential of these remarkable SMEs. The significant resources we are allocating demonstrate our commitment to fostering this vibrant innovation culture and to continue working within the European market."
Qualcomm Ventures said its first direct equity investment in Europe is in Streamezzo, a leading provider of rich media solutions, platforms and service for mobile communications.