Qualcomm commits $134.5M to funding European 3G start-ups

By Colleen Taylor, Contributing Editor -- Electronic News, 5/24/2007

San Diego, Calif.-based wireless technologies player Qualcomm Inc. Wednesday announced a commitment to invest about $134.5 million (100 million Euros) through its venture arm to fund European companies offering technologies and services that enhance the global wireless communications ecosystem.

"Qualcomm is serious about being a partner to the European wireless market," Andrew Gilbert, president of Qualcomm Europe, said in a statement. "We are actively seeking opportunities to invest in and support promising European companies."

According to the company, Qualcomm Ventures' investment strategy will focus on European small- to medium-sized enterprises and start-ups that can serve the 3G (WCDMA) business case in Europe through work in the mobile application/platform software developers, handset components, network infrastructure and core technologies providers sectors. In addition, Qualcomm Ventures will provide these companies with strategic guidance, advice in enhancing and protecting their innovations, support in standardizing their technology, and help getting faster access to global markets, the company said.

Qualcomm’s first direct equity investment in Europe is in French mobile software company Streamezzo. Financial details of the funding have not been released.

"We have made a number of successful acquisitions in Europe in the recent past, including Tellit U.K. , Trigenix and Elata, " Bill Keitel, Qualcomm's CFO, added in the statement. "Our commitment to investing 100 million Euros in Europe will strengthen Qualcomm's key role in the success of 3G services throughout Europe, as well as give us a broader research and development base through our involvement with early-stage companies."