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Borqs, a provider of IoT solutions receives an investment from Qualcomm Ventures

Borqs, a provider of IoT solutions receives an investment from Qualcomm Ventures

Borqs International Holding Corp is an IoT company which furnishes smart connected devices and cloud service solutions. The organization was founded in 2007 by veterans belonging to communication technologies industry from Canada, China, India and the United States. The organization has since then established major R&D centers in Bengaluru and Beijing. In a more recent announcement, the firm disclosed receiving an investment led by Qualcomm Ventures, the investment arm of Qualcomm Incorporated. This was part of a preferred stock financing.

“It’s an absolute honor to receive this strategic investment from Qualcomm Ventures. The rapid growth noticed within Indian markets presents us with a sizeable opportunity for increasing business revenue. We will remain committed to development of new technologies for the global market,” extols Pat Chan, Founder, Chairman, and CEO, Borqs. The company showcases a long list of investors, featuring Intel Capital, Norwest Venture Partners, SK Telecom China Fund, Keytone Ventures, and GSR Ventures. Besides, the firm currently has a shareholder base that includes two leading chip manufacturers in the world.

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The IoT company will explore additional engineering capabilities using the investment from Qualcomm. This will reinforce the advances in the development of autonomous products and a connected society. Moreover, Qualcomm Ventures has already been an active investor in several Indian startups. This investment will help fostering promising startups like Borqs, who contribute towards the mobile and Internet of Things ecosystem. Karthee Madasamy, Vice President and Managing Director, Qualcomm Ventures India, comments “In future, we hope to collaborate with Borqs in sharing leading-edge and innovative 4G phone design expertise with Indian and global OEMs to support Prime Minister Narendra Modi’s vision of Design in India.”

In the recent years, Borqs has been working closely with Qualcomm to develop products which are used globally. “Borqs has a robust R&D team in India. Given our focus on innovation, we are committed to support the Indian Government’s Made-In-India initiative and Qualcomm’s Designed-In-India initiative,” remarks Hareesh Ramanna, General Manager of Connected Solutions and Managing Director, Borqs India.

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