Qualcomm bets to pay the metaverse $100 million

Qualcomm has announced a $100 million Snapdragon Metaverse Fund, which will invest up to $100 million in developers and companies building extended reality (XR), augmented reality (AR), and related artificial intelligence technologies.

The fund will distribute capital through a combination of venture capital investments by Qualcomm Ventures in leading companies as well as the Qualcomm Technologies Grant Program for the developer ecosystem that builds XR experiences in gaming, health and wellness, media, entertainment, education and enterprise.

“We provide pioneering platform technology and experiences that will enable both the consumer and enterprise to build and engage with the metaverse and allow the connection between the physical and digital worlds. Qualcomm is the ticket to the metaverse,” said Cristiano Amon, President and CEO of Qualcomm Incorporated, in a press release.

Applications for the Snapdragon Metaverse Fund will open in July and the company has yet to release further details.

In the same announcement, Qualcomm also announced that it is collaborating with Japanese gaming company Square Enix to explore XR experiences with the latter’s intellectual property. Square Enix is ​​best known for video game franchises such as Final Fantasy and Dragon Quest but the company also has merchandise, arcade game facilities, and a comic book publishing business.

Square Enix’s Advanced Technology Division (ATD) will work on the tech giant’s developer platform Snapdragon Spaces XR to build “new immersive gaming experiences.”

“We have invested in XR and look forward to building on the Snapdragon Spaces. In particular, we believe the time is right with XR to innovate in the classic games we are particularly known for and look forward to sharing with the world to advance our mission to help spread happiness around the world.” Director Ben Taylor.

Qualcomm is already collaborating with companies like Epic Games, Unity, Oppo, Lenovo, Motorola, Xiaomi and others on its Snapdragon Spaces XR platform. The company already owns the Snapdragon Spaces Pathfinder.

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