The corporate venture arm of the San Diego, Calif.-based chipmaker announced it will provide funding to startups building AI that runs on end devices such as smartphones or vehicles, rather than in the cloud. Albert Wang, Qualcomm’s investment director leading the fund, said this focus will encourage more privacy-focused and user-friendly tech, like an Alexa that doesn’t need to take a user’s questions or information to the cloud. The AI fund’s investments will range from US$1 million to US$10 million per deal. (TechCrunch)
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The corporate venture arm of the San Diego, Calif.-based chipmaker announced it will provide funding to startups building AI that runs on end devices such as smartphones or vehicles, rather than in the cloud. Albert Wang, Qualcomm’s investment director leading the fund, said this focus will encourage more privacy-focused and user-friendly tech, like an Alexa that doesn’t need to take a user’s questions or information to the cloud. The AI fund’s investments will range from US$1 million to US$10 million per deal. (TechCrunch)
Talking point: Qualcomm generally doesn’t run specialized funds, although it did launch a digital healthcare fund which was a pre-IPO investor in Fitbit in 2013. Previous AI investments by Qualcomm include SenseTime, a Chinese facial recognition software company; Cruise, an AI autonomous driving tech company now owned by GM; and AnyVision, a Tel Aviv-based startup developing face, body and object recognition technology.
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