Qualcomm Venture Capital Shen Jin: Still paying high attention to AR/VR investment will not stop
[Global Network Science and Technology reporter Wang Nan] has been held for the ninth consecutive year. The event took five months to prepare, with over 225 companies participating.
This is a key highlight of the 2017 Qualcomm Venture Capital Sequoia China Frontier Technology Entrepreneurship Competition.
Since 2003, Qualcomm Venture Capital has been actively investing in the Chinese market, aiming to promote the application and development of semiconductors and mobile Internet technologies. Over its 17-year history, it has invested in more than 140 companies globally, with over 20 investment managers operating across the world. In China, Qualcomm Venture Capital has supported notable startups such as Xiaomi, Easy Access Vehicles, Zhongke Chuangda, TouchPal, and Yunzhisheng.
When discussing Qualcomm’s investment direction, Shen Jin, Global Vice President and Managing Director of Qualcomm Ventures China, explained to the Global.com reporter that the firm does not focus on specific stages but rather on fields. From 2008 to 2015, they invested in the entire Internet and mobile Internet ecosystem, covering both hardware and software, including education, mobile advertising, smart cars, and input methods.
"This is closely tied to the strategic positioning of Qualcomm Venture Capital. Beyond financial returns, we also aim to support Qualcomm’s technological and product strategies," Shen Jin added. "First, investments must directly relate to Qualcomm's technology and products to create mutual support and growth. Second, as a 'probe,' we explore areas that are not currently covered by Qualcomm, gaining insights into emerging trends and opportunities beyond wireless terminals. Third, we invest in the industrial chain, such as supporting 5G development and related industries, even those that may seem unrelated at first."
Different from some large companies' investment departments, Qualcomm Ventures, which entered China in 2003, focuses not only on areas directly linked to Qualcomm but also on startups that act as 'probes' and contribute to the broader industrial chain.
"The so-called 'probe' refers to areas where Qualcomm's core products and technologies are not yet involved. For example, we've invested in agricultural tech startups in Israel and China. While agriculture isn’t a major revenue driver for us now, we keep an eye on its evolution, aiming to gain early insights and identify new opportunities for Qualcomm to enter," Shen Jin said.
Regarding the industrial chain, Shen Jin emphasized that Qualcomm Venture Capital has invested in various companies throughout the mobile Internet development process. These companies hold strategic value within the industry ecosystem.
"Take Easy Access, for instance. Although it doesn't have a direct business link with Qualcomm, we noticed how mobile phone usage among drivers changed dramatically. Users who once relied on basic voice devices evolved into high-end smartphone users. When we partnered with China Telecom on the 'thousand-yuan machine' initiative, Easy Access founder Zhou Hang purchased 1,000 units and gave them away for free to Beijing drivers. Now, mobile phones have become essential tools for their daily operations," Shen Jin shared.
The significance of the industrial chain lies in our ability to anticipate and drive the adoption of new technologies. From 3G to 4G, and now 5G, Qualcomm continues to invest in companies across sectors like mobile education, advertising, and travel, even if they don't directly align with our products.
Since 2015, Qualcomm has shifted its investment focus toward cutting-edge technologies such as artificial intelligence, XR (AR, VR, MR), robotics/UAVs, and the Internet of Everything. This reflects the evolving landscape of the tech industry and shifting investment priorities.
In AI, Qualcomm is particularly interested in terminal-side applications, though it remains open to cloud-based solutions. We believe that cloud AI can gradually influence the edge, and companies focusing on edge AI are especially appealing to us.
In drones and robotics, Qualcomm has invested in several firms, including Zero Intelligence. However, the current market demand in this space is still somewhat irrational. Some expectations, like companion robots, haven't translated into real value yet. But we believe these markets will mature over time.
AI is currently at a peak, with widespread interest driven by its transformative potential. In the IoT space, we see a mix of technology providers, operators, and integrated players—each falling within our investment scope.
In AR/VR, Qualcomm pays special attention to all-in-one headsets and smartphone-based experiences. While we focus on hardware, we also support innovative projects like last year’s fantasy VR.
Despite a recent cooling in the AR/VR sector, Shen Jin believes the field is facing a temporary bottleneck. "We’ve invested in companies like Magic Leap and Blippar, and several in China too. I think the AR/VR space needs to reset. It’s like running without proper shoes or water—it’s time to go back and prepare again. Many technical challenges remain, such as heavy headsets, heat issues, and motion sickness. Once these are solved, we’ll see more portable and user-friendly AR/VR experiences."
With the arrival of 5G, many technical hurdles in AR/VR—such as display accuracy, 360-degree audio, and interaction—will be overcome, reviving interest in the sector. Investors agree that AR/VR is not dead but going through a cycle. We remain committed to the space, continuing to invest and expect new opportunities in the near future.
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