Qualcomm Investing in European 3G Start-Ups
Qualcomm has announced a commitment to invest €100 (US$135) million in European companies working in wireless technologies. Qualcomm Ventures' first direct equity investment in Europe is in Streamezzo, a provider of rich media solutions, platforms and service for mobile communications.
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 is committed to providing our European portfolio companies with the financial, marketing, technology and business support to help propel innovative, early-stage companies and their breakthrough technologies forward in the competitive global market," said Bill Keitel, chief financial officer, Qualcomm. "We have made a number of successful acquisitions in Europe in the recent past, including Tellit UK, Trigenix and Elata. Our commitment to investing euro 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.""
Posted to the site on 24th May 2007
