Leading US chip manufacturer, Qualcomm has launched the Qualcomm Ventures AI Fund, which will invest a total amount of USD 100 million in start-ups which will work on making the use of artificial intelligence (AI) more widespread and powerful. The fund will focus mainly on the applications of AI in new technologies for autonomous cars, robotics and machine learning platforms. Qualcomm has been involved for over 10 years on research in AI and the fund will build on this strategy which will further develop the foundational building blocks of low power processing and connectivity, core components for AI.
Qualcomm has launched the fund with the intention of making on-device AI technology widespread by inventing, developing, commercializing and, investing in it. With AI increasingly shifting towards wireless technology and thus combining essential on-device capabilities with the edge cloud, the industry is just starting to realize the full potential of 5G.
Steve Mollenkopf, CEO, Qualcomm, said that Qualcomm focuses on inventing breakthrough technologies that can transform how the world connects, computes, and communicates. Qualcomm has been investing in the future of machine learning for over a decade and is a pioneer of on-device AI. The company strongly believes intelligence is moving from the cloud to the edge. Qualcomm’s AI strategy involves leading 5G connectivity with its R&D, and leveraging AI to transform industries, business models and experiences.”
As part of the AI Fund, Qualcomm Ventures participated in a Series A funding round for AnyVision. AnyVision is a leading startup which is working on face, body, and object recognition. Us of such on-device AI would minimize the spread of data, thus alleviating privacy concerns. Qualcomm says its (AnyVision) unique data acquisition strategy, along with its proprietary algorithms, are expected to provide immense value to customers.
This was the first investment made by the AI fund and the funds deployed by Qualcomm will be used by Anyvision to expand into other industries and develop new AI applications that would transform how the world connects, computes and communicates.
Quinn Li, senior vice-president, Ventures, Qualcomm Technologies and global head of Qualcomm Ventures, said: “Qualcomm Ventures is proud to invest in the future of AnyVision and many other key players in the AI industry. This investment builds on our long history of successful AI investments, including Cruise Automation, Brain Corp., Clarifai, Prospera, SenseTime and Retail Next. Through the AI Fund, we will continue to seek out start-ups, with a focus on autonomous cars, robotics, computer vision and IoT, who are developing new AI applications, advanced machine learning technologies and AI/ML platforms across different verticals.”
Hamid Moaref has always been fascinated by cars and the automotive industry. His family has a longstanding association with the industry and has been in the tire business for the past 35 years. Raised in Dubai, Hamid attended Capilano University in Vancouver where he graduated with a BBA in marketing before attending an intensive course in magazine publishing in 2005. He has been the publisher and chief editor of Tires & Parts magazine for the past ten years.
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