Qual­comm, Ac­cel jointly in­vest $350,000

The Pak Banker - - COMPANIES/BOSS -

Qual­comm Ven­tures, the ven­ture cap­i­tal arm of the semi­con­duc­tor maker Qual­comm Inc., and Ac­cel Part­ners jointly in­vested in two joint early stage start- ups, MyPoolin and Flip Tech­nolo­gies.

Qual­comm Ven­ture and Ac­cel will to­gether in­vest $250,000 in MyPoolin and about $100,000 in Flip as part of QPrize, an an­nual, early stage start-up fund­ing ini­tia­tive by Qual­comm.

MyPoolin, which is run by In­finy­pool Online Pay­ment So­lu­tions Pvt. Ltd and which helps peo­ple jointly plan and pay for things us­ing a mo­bile app, and Flip, which makes wearable ac­tiv­ity track­ers for ac­tion sports, were the win­ner and run­ner-up, re­spec­tively, of the Qprize this year. Ac­cel, Qual­comm and an an­gel in­vestor Man­ish Singhal com­prised the jury.

The two start-ups were se­lected on the ba­sis of the prod­uct in­no­va­tion, in­dus­try po­ten­tial, ini­tial cus­tomer re­sponse and man­age­ment abil­ity, among other things.

"In­dia is at the cusp of a dig­i­tal revo­lu­tion that will drive the gov­ern­ment's vi­sion for a Dig­i­tal In­dia," said Karthee Madasamy, man­ag­ing di­rec­tor, Qual­comm Ven­tures In­dia. "Qual­comm Ven­tures is com­mit­ted to iden­ti­fy­ing and fos­ter­ing the in­dus­try's most promis­ing early-stage tech­nol­ogy com­pa­nies. As the win­ner of QPrize In­dia, 2015, MyPoolin em­bod­ies the spirit of entrepreneurship, cut­ting edge tech­nol­ogy, game-chang­ing in­no­va­tion and ex­cel­lent team dy­nam­ics."

In­stead of buy­ing eq­uity, Qual­comm puts up funds via con­vert­ible debt. Over the past year, Qprize has seen a surge in con­sumer In­ter­net start-up ap­pli­cants, re­flect­ing the in­creas­ing in­ter­est for shop­ping and con­sumer ser­vices­re­lated apps among in­vestors and en­trepreneurs alike. Madasamy said the qual­ity of en­trepreneurs was bet­ter this year than in pre­vi­ous years.

"En­trepreneurs have got­ten much bet­ter. They also ar­tic­u­late the prob­lems they're try­ing to solve very crisply. That's a tes­ta­ment to the evolv­ing start-up ecosys­tem. Many par­tic­i­pants were peo­ple who pre­vi­ously worked in Tax­iForSure, Google and other com­pa­nies.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.