Qualcomm has announced the launch of the Qualcomm Ventures AI Fund to invest up to an aggregate of $100 million in startups transforming artificial intelligence.
The fund will focus on startups that share the vision of on-device AI becoming more powerful and widespread, with an emphasis on those developing new technology for autonomous cars, robotics and machine learning platforms.
This fund builds on more than a decade of company’s AI research and its heritage of developing the foundational building blocks of low power processing and connectivity, which are essential for AI. The company has set out to make on-device AI technology ubiquitous by inventing, developing, commercializing and, importantly, investing in it.
As part of the AI Fund, Qualcomm Ventures LLC participated in a Series A funding round for AnyVision, a world-leading face, body, and object recognition startup. AnyVision’s use of on-device AI minimizes the spread of data, mitigating privacy concerns. Its unique data acquisition strategy, together with its proprietary algorithms, are expected to provide immense value to customers.
The announcement was made at Qualcomm Ventures’ 5G & AI Summit in San Francisco, where influential leaders in AI convened to discuss applications of the technology in different industry verticals.
Source: Press Release