Company Developing Smart Grid Wireless Sensor Systems Receives Total of US$250,000 in Venture FinancingSAN DIEGO
Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, concluded its international Qualcomm Ventures QPrize™ business plan competition last week with Israel-based company Panoramic Power taking home top honors for the most innovative business plan of 2009.
Panoramic Power has developed a wireless sensor-based, circuit-level energy visibility platform that gives enterprises the ability to deploy Smart Grid technologies within their existing facilities. The company impressed the QPrize judges with its innovative market strategy and technology that helps electrical networks run more efficiently.
As a QPrize regional winner, Panoramic Power previously earned US$100,000 in funding to support its business growth. The company will now receive an additional US$150,000 from Qualcomm Ventures as the QPrize Grand Prize winner. Additionally, representatives of Panoramic Power will receive a trip to the Mobile World Congress in Barcelona, Spain to compete as a Global Finalist in the GSMA's Mobile Innovation Grand Prix competition, which is part of the GSMA's Global Mobile Awards.
“It was exciting to be a part of this spirited and truly international competition among companies from China, Europe/Israel, India and North America,” said Nagraj Kashyap, vice president of Qualcomm Ventures. “Panoramic Power impressed the judges with its winning combination of seasoned entrepreneurial executives, dynamic market strategy and innovative product designs. We congratulate Panoramic Power on their well earned Grand Prize.”
More information on Panoramic Power is available at the company's website: www.panpwr.com.
The Qualcomm Ventures QPrize business plan competition was created to promote global innovation in the wireless industry. This year's competition awarded US$550,000 in total seed funding to multiple companies, helping entrepreneurs to transform their innovative business plans into reality. For additional details on the 2009 Qualcomm Ventures' QPrize competition and all the 2009 regional winners, please visit www.qprize2009.com.
Qualcomm Ventures was launched in the United States in November 2000 with an initial US$500 million allocation. Qualcomm Ventures' aim is to support Qualcomm's mission of enabling and fostering 3G CDMA and wireless Internet markets through strategic investments in privately owned startup ventures. These strategic investments include companies focusing on wireless communication technologies and products serving consumer, enterprise and vertical markets worldwide. For more information, please visit www.qualcomm.com/ventures .
Qualcomm Incorporated (Nasdaq: QCOM) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 100 Index, the S&P 500 Index and is a 2009 FORTUNE 500® company. For more information, please visit www.qualcomm.com.
Qualcomm is a registered trademark and QPrize is a trademark of Qualcomm Incorporated. All other trademarks are the property of their respective owners.
November 11, 2009
November 11, 2009