On Tuesday, during an open luncheon meeting at the Seoul Grand Hyatt Hotel, Paul Jacobs, Qualcomm’s Chairman of the board, said, “Given the highly competitive nature of the industry, Qualcomm is on the lookout for new ideas providing support for start-ups.”
Qualcomm intends to expand its involvement in venture investment in Korea by making indirect investments via third party venture capital funds in addition to the direct investments made through Qualcomm Ventures.
As part of the $90 million investment initiative, Qualcomm signed a memorandum of understanding with Growth Ladder Fund (GLF), a dedicated fund raised by financial corporations under the government’s plan to support SMEs and venture companies. Qualcomm Ventures will co-invest with GLF in a new fund of approximately $45 million by end of 2015 focused on promising technology companies in the fields of Internet of Everything, 5G and more. Looking forward, Qualcomm plans to invest in several funds dedicated to fostering the mobile ecosystem in the country.