US telecoms firm Qualcomm has launched a $100m (£78.3m) fund to invest in AI startups in a bid to promote new technology for self-driving cars and robots.
The Qualcomm Ventures AI Fund will focus on firms that are developing “on-device AI”, as the telecoms company looks to spread the use of the new technology on mobile devices.
AnyVision, a face and body recognition startup, is the first recipient of investment from the fund, which was unveiled at the Qualcomm 5G and AI summit in San Francisco.
Qualcomm did not say how much it had invested in the startup.
“For over a decade, Qualcomm has been investing in the future of machine learning,” said Qualcomm chief executive Steve Mollenkopf.
“Qualcomm’s AI strategy couples leading 5G connectivity with our research and development, fuelling AI to transform industries, business models and experiences.”
The US chipmaker is the latest technology firm to commit significant funding to AI.
Rival company Micron announced in October it will invest $100m in the sector, while Intel has made large AI investments in China, Israel and India this month.
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