Jun 30, 2017

Qualcomm's VC arm finally lands in Silicon Valley

Paul Sakuma / AP

Chip giant Qualcomm has been investing in startups since 2000, but its venture capital arm has never had an office in the Bay Area—until now. Axios has learned that the new outpost will be led by managing director Patrick Eggen, along with senior investment manager Varun Jain.

Focus: In San Francisco, the group will continue to focus on Qualcomm's core areas of interest—mobile, emerging technology in sectors like automotive and connected devices, and what Eggen describes as "frontier tech," like mixed reality. The group already has seen some success in those areas, such as autonomous driving startup Cruise's sale to GM for nearly $1 billion last year.

Strategy:

The VC arm will continue to have dual focuses on financial returns and strategic value to Qualcomm. What Qualcomm Ventures is not: a vehicle for the company to find acquisition targets, Eggen tells Axios.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 7 p.m. ET: 782,319 — Total deaths: 37,582 — Total recoveries: 164,565.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 5 p.m. ET: 161,807 — Total deaths: 2,953 — Total recoveries: 5,595.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
  6. In photos: Navy hospital ship arrives in Manhattan.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
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First U.S. service member dies from coronavirus

Photo: Yasin Ozturk/Anadolu Agency/Getty Images.

The Pentagon on Monday announced the death of a member of the New Jersey National Guard who tested positive for the coronavirus.

Why it matters: It's the first U.S. service member — active, reserve or Guard — to die from the virus, according to the Pentagon. The guardsman passed away on Saturday after being hospitalized for the novel coronavirus on March 21.

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Workers extracting oil from oil wells in the Permian Basin in Midland, Texas. Photo: Benjamin Lowy/Getty Images

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