American chipmaker Qualcomm has decided to invest $150 million (approximately Rs 1,200 crore) to boost startups in technology and artificial intelligence (AI) in India. The amount will be channeled through its venture capital arm, Qualcomm Ventures. The company is targeting startups in areas such as automobiles, robotics, mobile technology and the Internet of Things (IoT).

Qualcomm CEO Cristiano Amon made the announcement at the India AI Impact Summit in New Delhi. He said that the world is entering a new era where AI is directly embedded in everyday devices, and Indian startups have a big role to play in this. This investment will strengthen companies developing next-generation technologies.

Qualcomm, which has been investing in India since 2007, has already backed more than 40 companies, including Jio, MapMyIndia, and IdeaForge. In addition to funding, the company said it will provide startups with its technology and global connections. Qualcomm's future work is focused on artificial intelligence, high-performance computing, and connectivity.