Qualcomm sets up $100M venture fund for metaverse technologies
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Qualcomm (NASDAQ:QCOM) said on Monday that it would start a $100 million fund to invest in "innovative" companies that are working towards building experiences in the metaverse.
"It is anticipated that the fund will deploy capital through a combination of venture investments in leading XR companies by Qualcomm Ventures and a grant program by Qualcomm Technologies, Inc. for developer ecosystem funding in XR experiences such as gaming, health and wellness, media, entertainment, education, and enterprise," Qualcomm said in a statement.

Qualcomm (QCOM) shares were up slightly more than 0.5% to $156.72 in early trading on Monday.
According to The Wall Street Journal, the funding will come in the form of equity investments and grants.The Journal added that Qualcomm (QCOM) has approximately $2 billion in assets under management via its venture portfolio.
Last month, Qualcomm (QCOM) boosted its dividend by 10% to 75 cents per quarter.