Yesterday, Qualcomm launched its $100M Snapdragon Metaverse Fund to invest in extended reality (XR) developers and companies. The fund will combine VC investments by Qualcomm Ventures and a grant program by Qualcomm Technologies, Inc.
In particular, the fund will act as a complementary boost to existing XR platforms in Qualcomm. These platforms include Snapdragon XR Platform, Snapdragon Spaces XR Developer Platform, and XR Labs Europe.
Qualcomm supercharges its push into the metaverse with Snapdragon Metaverse Fund
By launching the Snapdragon Metaverse Fund, the company is exploring unique, immersive XR experiences on multiple fronts. These include but are not limited to gaming, health & wellness, media, etc.
“Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push boundaries of what’s possible as we enter into this new generation of spatial computing,” said Qualcomm Inc. President and CEO Cristiano Amon.
For instance, fund recipients may gain early access to cutting-edge XR platform technology and dev kits. Other perks also include access to investors’ networks and co-marketing opportunities. However, applications will only open in June. Interested applicants can watch out for more details at that time.
The craze for metaverse began in late 2021 when Facebook changed its company name to “Meta”. Shortly, Microsoft played catch-up to reveal their metaverse plans too. In the latest news, billionaire investor Mark Cuban led a $5M seed round investment into a metaverse project called Oorbit. There is so much more news showing companies, big and small, are pushing their way into the metaverse. With the funding boost by Qualcomm, we should see immersive XR tech bringing metaverse to life in the near future. Who knows, could this be bigger than Ready Player One?