Qualcomm invests $100 million in the Metaverse, fostering XR tech
San Diego, California-based Qualcomm has announced a $100 million fund called the Snapdragon Metaverse Fund to support the development of immersive extended reality (XR) experiences as well as associated technologies and artificial intelligence, the company said in a press release.
Popularly known for its Snapdragon, range of processors is known for its contributions to wireless technology and more recently the push for 5G. With tech companies such as Meta and Microsoft announcing their intent to develop the metaverse, it would be a big surprise if Qualcomm was not part of the push. As a hardware provider, Qualcomm will not be directly involved in developing the details of the metaverse but will definitely contribute to how the world shapes up and has decided to focus on XR.
What is extended reality?
While talking about digital worlds, it is common to use terms such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). These are terms used to define how computer-generated graphics and humans interact with each other in the digital realm.
The interaction between the two can require sensory inputs or be completely virtual. Extended reality is the umbrella term to define all these technologies and the interactions that are possible in this realm and is an evolving term since these technologies are still in their infancy.
Applications of these technologies are being attempted in a wide range of fields ranging from entertainment to real estate, social networks to real estate, education as well as health and wellness. In short, the metaverse.
Snapdragon Metaverse Fund
As part of its push, Qualcomm will support developers as well as companies that are working towards building unique and immersive experiences in the metaverse.
The fund will be deployed as capital either through grant programs or as investments by Qualcomm's technology and venture investment wings respectively. In the past, the company has contributed to the development of core technologies for AI as well as 5G. It intends to continue on this path for the metaverse by fostering innovation across the entire ecosystem.
Apart from monetary gains, recipients of the Fund can also expect early access to new generation XR tools, hardware kits as well as a global network of investors, the company said in its press release.
Applications for the Fund can be made by individuals as well as companies and the application process will begin in June, later this year.