Qualcomm To Back Euro Startups

SAN DIEGO (AP) – Wireless equipment maker Qualcomm Inc. said Wednesday it will invest 100 million euros ($134.6 million) in European companies that support 3G wireless innovation.

The funds are meant to go toward small- and medium-sized startup companies that support 3G wireless innovation through mobile application or platform software, handset components, network infrastructure and core technologies, Qualcomm said.

The industry abbreviation “3G” stands for “third-generation” cell phone networks that support high-speed transfers of data.

Qualcomm said it will aid the companies with advice, technology standardizing support and help bringing their innovations to various markets.

The company said its investment will come through its Qualcomm Ventures business, adding that its first investment in this vein went to Paris-based Streamezzo, which develops cell phone applications.