The investment partner of the American Chipmarker Qualcomm Inc, that is Qualcomm Ventures, now going to back the Indian startups in the field of mobility tech, healthcare and some of the financial services industry under its recently launched Artificial Intelligence and Machine Learning funds, according to the report which has been revealed.
In the month of November, Qualcomm ventures revealed that it is now going to make a plan to set up $100 Million AI funds to invest in the Indian startups who are working in the field of AI.
“We have been investing in India for the past 10 years. To start off, early days was mostly around other ecosystems but over time we have expanded into IoT (internet of things). We are very bullish on the AI space in India,” said Quinn Li, senior vice-president and global head of Qualcomm Ventures, who oversees a $1 billion venture portfolio of more than 150 companies across seven regions, including China, Israel, and the US.
“We have met a lot of companies in the AI space on the healthcare, financial services, and surveillance side. I think there are great opportunities, both globally as well as here in India,” said Li, who also serves on the boards of companies such as broadband equipment provider Airspan, internet provider OneWeb and mobile marketing platform Verve.
As of now, the Qualcomm Ventures has already backed the Agri tech Startup NinjaCart, Content Platform YourStory and healthcare service provider Portea Medical in India.
It is looking at the companies that work on both the AI edge and cloud. As in the edge computing, data is analyzed and processed at the end to end services, which is close to the data source. Thus minimized the amount of data in the central hub.