San Diego-based chip supplier Qualcomm is launching a $100 million investment fund intended to support companies building out the metaverse using augmented reality, mixed reality or virtual reality.
Qualcomm hopes to broaden the market for its chips through this new Snapdragon Metaverse Fund, according to the Qualcomm Chief Financial Officer in an interview with the Wall Street Journal. The fund will begin accepting applications in June.
Qualcomm already provides chips for virtual reality head sets and has secured a partnership with Microsoft for creating chips designed for augmented reality, generating 17% of its $10.7 billion revenue from selling chips related to the metaverse.
An increasing number of startups have gotten funding to build out virtual world initiatives, such as firm Space Runner raising $10 million to create fashion and other wearables as digital assets.
Prominent companies like entertainment conglomerate Disney have made moves to grow their metaverse reach, and an increasing number of firms filing trademarks related to selling items in virtual spaces.