U.S. chipmaker Qualcomm Inc creates venture capital firm to invest in AI startups

Artificial Intelligence will be pervasive in the coming years with its ubiquitous usage touching nearly every aspect of our day-to-day lives.

In a significant development, U.S. chipmaker Qualcomm Inc has set up Qualcomm Ventures AI Fund, a $100 million fund, that will invest in startups working on artificial intelligence technologies.

Qualcomm Ventures AI Fund has already made its first investment vide a Series A funding round of AnyVision, a face, body, and object recognition startup, said the company without disclosing the amount.

The fund will focus on artificial intelligence which will be widely used in machine learning platforms, autonomous cars and robotics.

The development sees Qualcomm joining its peers, including Nvidia Corp, Intel Corp, and Micron Technology Inc in investing in AI.

In October, Micron had stated it plans on investing up to $100 million in startups focusing on artificial intelligence; in recent years, Intel’s venture capital arm has channeled more than $1 billion into this sector.

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