Chip giant Qualcomm launches $100M Metaverse fund

Multinational software and microchip giant Qualcomm has launched a $100 million Metaverse fund to back extended reality (XR), artificial intelligence (AI) and augmented reality (AR) tech companies. Extended reality refers to the combination of smartphones along with AR and VR technology such as headsets and glasses. The investment project is dubbed the "SnapDragon Metaverse Fund" in reference to the firm's Snapdragon chips that are designed for a long list of devices including smartphones, tablets, computers, smartwatches and smartbooks. According to a Monday announcement, the funding will also go toward a grant program for developers building XR-focused gaming, health, wellness, media and entertainment experiences. "Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push the boundaries of what's possible as we enter into this new generation of spatial computing," said president and CEO of Qualcomm Cristiano Amon.