Qualcomm Inc. announced Friday it will invest $40 million in four Chinese companies and a Chinese investment fund as part of its program to advance that country’s wireless industry.
The San Diego-based company said investments are being made in 7Invensun, an eye-tracking solution provider; Chukong Technologies, a mobile entertainment platform provider; inPlug, a smart home device/platform solution provider; Unisound, a voice recognition and processing technology provider; and the China Walden Ventures Investment fund.
The companies were strategically chosen for their innovative work on mobile and wireless technologies, Qualcomm said. The are all expected to be funded through the Qualcomm’s $150 million strategic Chinaventure fund that was announced earlier this year.
“Qualcomm is passionate about innovation and committed to helping advance the Chinese wireless industry,” said Nagraj Kashyap, senior vice president of Qualcomm Ventures. “With a focus on semiconductors, mobile application enablers, smart home and healthcare, this group of startup companies closely complements existing products and services from Qualcomm Incorporated’s subsidiaries. We look forward to working with these innovative companies to provide financial, marketing, technology and business support to help propel them forward in the competitive wireless ecosystem.”
The company has acknowledged that it faces “significant challenges” in China, both in collecting royalties and because of an investigation into its business practices by the China National Development and Reform Commission.
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