On July 1, Qualcomm announced its intention to invest up to KRW 100 billion (USD 90 million) in technology startups in Korea, demonstrating its commitment to fostering innovation and entrepreneurship in the Korean economy.
Dr. Paul Jacobs visited Korea to celebrate Qualcomm’s 30th anniversary and 25 years of strong relations with Korea.
Qualcomm intends to expand its involvement in venture investment in Korea by making indirect investments via third party venture capital funds in addition to the direct investments made through Qualcomm Ventures. As part of the KRW 100 billion investment initiative, Qualcomm signed a memorandum of understanding with Growth Ladder Fund (GLF), a dedicated fund raised by financial corporations under the government’s plan to support SMEs and venture companies. Qualcomm Ventures will co-invest with GLF in a new fund of approximately KRW 50 billion by end of 2015 focused on promising technology companies in the fields of Internet of Everything, 5G and more. Looking forward, Qualcomm plans to invest in several funds dedicated to fostering the mobile ecosystem in the country.
Qualcomm has a history of investments in Korea. Over the past four years, Qualcomm, through its venture investment group, Qualcomm Ventures, has made 12 investments across various sectors – components, enterprise software, mobile applications and services, and gaming. Recently, Qualcomm’s investments in the region have accelerated, with Qualcomm Ventures investing approximately KRW 10 billion in three companies – Dunamu, a mobile first security, social-trading platform; Job Planet, a company review and job placement service; and MangoPlate, a big data driven, personalized restaurant recommendation service – during the first half of 2015 alone.
“With our latest investments, Qualcomm is expanding our commitment to the newest generations of Korean innovators. Korea is a vibrant country with a community of ambitious and talented entrepreneurs, and we will enable their visions with our partnerships, our technologies and our funds. Qualcomm is fueling innovation, driving cutting-edge technologies and investing in startups that we believe can change the world,” said Paul Jacobs, executive chairman of Qualcomm Incorporated.
In addition to its venture investment activities in Korea, Qualcomm contributes to fostering young leaders in the fields of science and engineering and to the development of the IT industry in Korea through various programs, including the Qualcomm Innovation Award, a scholarship program designed to support graduate student research; the Qualcomm Scholarship Program, an annual program granting scholarships to outstanding students in the fields of science and engineering; and the Qualcomm IT Tour, an annual program for Korean engineering students. The Company also is on its third year of the KICS Dr. Irwin Jacobs Award for scholars contributing papers on the topic of telecommunications in Korea.
