Qualcomm is increasing its investment in metaverse development, announcing the $100 million Snapdragon Metaverse Fund.

The metaverse — the convergence of virtual, augmented, and in-person realty to create an immersive extended reality (XR) experience — is quickly gaining momentum, with a wide range of companies moving to stake their claim. Qualcomm is the latest, announcing its new fund to help further development by supporting XR developers in their efforts.

Qualcomm will deploy the available capital through both venture investments and a grant program.

“We deliver the groundbreaking platform technology and experiences that will enable both the consumer and the enterprise to build and engage in the metaverse and allow the physical and digital worlds to be connected. Qualcomm is the ticket to the metaverse,” said Cristiano Amon, president and CEO of Qualcomm Incorporated. “Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push boundaries of what’s possible as we enter into this new generation of spatial computing.”

Developers interested in the program can learn more at qualcomm.com/metaverse-fund. Applications for funding will open in June.