Qualcomm Ventures' first direct equity investment in India is in Tessolve Services, a provider of solutions and platforms for semiconductor testing, packaging, qualification and failure analysis. Details of the investment were not disclosed.
Qualcomm Ventures' investment strategy will focus on Indian startups and private companies that can serve the mobile and semiconductor ecosystems in India through innovation in the following sectors: mobile application/platform software developers, semiconductor components, devices and service platforms, and network infrastructure providers.
In addition to this, Qualcomm Ventures will actively work with its portfolio companies to provide strategic guidance, advice in enhancing and protecting their innovations, and support in standardising their technologies.
"We are pleased to announce Qualcomm Ventures' entry into the Indian market, adding to our business and R&D presence," said Kanwalinder Singh, president, Qualcomm India and South Asia.
"By bringing our investment and expertise to Indian startups, we hope to help innovative ideas reach commercial success in the rapidly-growing wireless and semiconductor space."
"Qualcomm Ventures is actively considering opportunities in the Indian wireless and semiconductor market," said Karthee Madasamy, senior investment manager and head of India investments. "We are looking at startup companies that focus on the growing Indian consumer and enterprise market. With a full-time presence in Bangalore, we are committed to the Indian venture ecosystem."
Qualcomm Ventures was launched in the United States in November 2000 with an initial allocation of $500 million. Qualcomm Ventures' aim is to support Qualcomm's mission to enable and foster next-generation wireless markets through strategic investments in privately-owned startup ventures.
These strategic investments include companies focusing on wireless communication technologies and products serving consumer, enterprise and vertical markets worldwide.
After expanding its activities in Korea, Japan, China and Europe, Qualcomm Ventures is expanding into India.