(Reuters) – Qualcomm Inc has arrange a $100 million fund that may spend money on startups engaged on synthetic intelligence applied sciences, the U.S. chipmaker stated on Wednesday.

The fund, Qualcomm Ventures AI Fund, has already made its first funding by way of a Sequence A funding spherical of AnyVision, a face, physique, and object recognition startup, the corporate stated with out disclosing the quantity.

The brand new fund will give attention to AI that will probably be utilized in autonomous automobiles, robotics and machine studying platforms.

San Diego-based Qualcomm joins chip trade contemporaries corresponding to Intel Corp, Micron Expertise Inc and Nvidia Corp in investing in AI.

Micron stated in October it plans to take a position as much as $100 million in startups specializing in synthetic intelligence, whereas Intel’s enterprise capital arm has funneled greater than $1 billion in recent times into the know-how.

(Reporting by Ankit Ajmera in Bengaluru; Modifying by Sriraj Kalluvila)

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