MANHASSET, N.Y. — Qualcomm Inc. and China TechFaith Wireless Communication Technology Ltd. have formed a company to develop application software for wireless devices. The company, TechFaith Software China Ltd. (TechSoft), will be based in Beijing and Hangzhou, China. It will receive $35 million in funding by Qualcomm (San Diego) and TechFaith.
This investment follows Qualcomm’s announcement in June 2003 that it plans to invest up to $100 million in early- to mid-stage Chinese companies developing and commercializing CDMA-based products, applications and services. TechFaith became Qualcomm's first independent handset design house partner in China, following an investment announced in April 2004.
"This collaboration reinforces the successful relationship we have built with Qualcomm," said Dong Defu, chairman and chief executive officer of TechFaith, in a statement. "Our further collaboration with Qualcomm to establish TechSoft reinforces our international focus with the goal of providing continually improved mobile handset solutions."
Initially focusing on 3G CDMA mobile handsets, TechSoft will operate as an independent entity.
