Qualcomm Ventures Expands into Europe

Qualcomm announced its intention to invest €100 million in European companies focusing on wireless communications. The investment will take place through Qualcomm Ventures and will concentrate on European small-sized to medium-sized enterprises that can deliver innovations in the 3G (WCDMA) field. Businesses eligible to receive funding include mobile application/platform software developers and 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," explained Andrew Gilbert, president of 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."

The first European company to receive funding through Qualcomm Ventures is French company Streamezzo, a provider of rich media solutions, platforms and services for mobile communications. This is not the first time Qualcomm has invested in Europe. "We have made a number of successful acquisitions in Europe in the recent past, including Tellit UK, Trigenix and Elata. Our commitment to investing €100 million in Europe will strengthen Qualcomm's key role in the success of 3G (WCDMA) services throughout Europe, as well as give us a broader research and development base through our involvement with early-stage companies," said Bill Keitel, chief financial officer, Qualcomm.

Qualcomm Ventures was launched in the United States in November 2000 with an initial US$500 million allocation. Qualcomm Ventures' aim is to support Qualcomm's strategy concerning 3G and wireless Internet markets through investments in privately owned startup ventures. The expansion in Europe follows QUALCOMM Ventures' successful expansion in Korea, Japan and China.