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TheStreet Open House

Qualcomm Labs Unveils First Companies For Funding Through Its QualcommLabs@EvoNexus Initiative

Stocks in this article: QCOM

SAN DIEGO, Nov. 8, 2012 /PRNewswire-FirstCall/ -- Qualcomm Labs, Inc., the wholly owned incubator subsidiary of Qualcomm Technologies, Inc. (QTI), today announced the first set of companies, Arynga, Inc., FatSkunk, Inc. , and Breadcrumbs, Inc., to be funded as part of the QualcommLabs@EvoNexus initiative.

Launched in May 2012, QualcommLabs@EvoNexus is a Qualcomm Labs sponsored incubation program operating within the walls of the CommNexus incubator, EvoNexus. The program brings together Qualcomm Labs' commitment to innovation with EvoNexus' forward-thinking, pro-bono community incubation model and opens up opportunities to further technology development, advancing the wireless industry.

After evaluating more than 100 submissions from startup companies and entrepreneurs in the high-tech sector, EvoNexus admitted its eleventh round of companies to the incubator including Arynga, FatSkunk and Breadcrumbs. In parallel, Qualcomm Labs executed funding agreements with each company.

  • Arynga: Headquartered in San Diego, Arynga is a software solutions and services company focused on the management of connected assets in transportation, travel, hospitality, and energy and consumer electronics. The company delivers over-the-air remote configuration management and real-time location solutions. Arynga will receive $250,000 in funding.
  • FatSkunk: Founded in Silicon Valley and establishing headquarters in San Diego, FatSkunk offers a new software solution for mobile malware detection that uses physics, instead of conventional heuristics or signatures. The result is battery-efficient, true zero day malware detection capability, with no need for OTA signature updates from carriers. FatSkunk will receive $250,000 in funding. 
  • Breadcrumbs: Headquartered in San Diego, Breadcrumbs is a mobile app for Android and iOS that provides an automatic timeline of a user's day, using the phone's built-in sensors. Breadcrumbs will receive $50,000 in funding.

"We are thrilled to welcome Arynga, FatSkunk and Breadcrumbs into the EvoNexus incubator program as we believe they all provide solutions that address important technology needs," said Rory Moore, chief executive officer, CommNexus. "The combination of EvoNexus' proven results and Qualcomm Labs' expertise in technology innovation will get these companies off to a great start. We look forward to supporting their future growth and success."

In addition to QualcommLabs@EvoNexus seed funding, Arynga, FatSkunk and Breadcrumbs will receive free accommodation within EvoNexus' fully furnished Downtown San Diego or La Jolla office locations. During their residency, which can be up to two years, these companies, along with several other selected incubator companies, will work on developing their products and technologies into viable businesses. They will have the chance to work with experienced employees designated by Qualcomm Labs who will serve as mentors and will have access to a broad network of industry experts and investment professionals who participate with EvoNexus.

"Qualcomm Labs' roots in technology innovation combined with our continuous commitment to move the wireless industry forward, puts us in a unique position to support entrepreneurs to transform their ideas into businesses," said Liz Gasser, vice president, Qualcomm Labs. "Twenty seven years ago, Qualcomm itself was a startup. We're looking forward to seeing how these innovations will positively impact San Diego and the world via our Qualcomm Labs subsidiary." 

About Qualcomm Technologies, Inc. Qualcomm Technologies, Inc. (QTI), a wholly owned subsidiary of Qualcomm Incorporated (NASDAQ: QCOM), is redefining the way people incorporate wireless devices and services into everyday life. QTI and its subsidiaries operate substantially all of Qualcomm's research and development activities, and product and services businesses, including Qualcomm's semiconductor business, QCT. QTI's developments enable opportunities across the wireless and wired value chains by making devices and networks faster, content richer and communications more personal and affordable to people everywhere. For more information, go to www.qualcomm.com.

Qualcomm is a trademark of Qualcomm Incorporated, registered in the United States and other countries. All Qualcomm Incorporated trademarks are used with permission. Other products and brand names may be trademarks or registered trademarks of their respective owners.

SOURCE Qualcomm Technologies, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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