Qualcomm is launching $200M fund to back companies building out 5G
Qualcomm CEO Steve Mollenkopf speaking at a business roundtable. Photo: Jim Watson/AFP via Getty Images
Qualcomm's venture arm today announced plans for a $200 million fund aimed at backing companies with the technology needed to build out or take advantage of next generation 5G cellular networks.
Why it matters: Companies with a stake in 5G technology — such as Qualcomm — are eager to tout its great potential. However, achieving that potential will require lots more investment — first in the networks and their accompanying gear, and then in apps and services.
- The global effort will look at companies with interesting 5G use cases, those helping bring 5G to businesses as well as those helping transform the networks themselves.
What they're saying: Qualcomm CEO Steve Mollenkopf said in a statement...
"The intent of this fund is to fuel innovative 5G businesses that will be poised to take advantage of the $13.2 trillion economic benefit that 5G will enable by 2035.”
Yes, but: For all the hype, 5G networks have been slow to reach consumers, with most of the U.S. networks launched this year covering only small parts of a few cities.
Go deeper: Axios' special report on 5G