Qualcomm Ventures LLC joins Qorix GmbH as a strategic minority shareholder, alongside existing significant shareholders KPIT Technologies and ZF Friedrichshafen AG.
This partnership aims to strengthen Qorix GmbH's position as a leading provider of middleware solutions for Software-Defined Vehicles (SDVs).
Qualcomm has the option to increase its shareholding up to Euro 10 million (around 90 crores INR).
Qualcomm will have the right to appoint one member to the Advisory Board of Qorix.
Qorix GmbH is a 50:50 joint venture between KPIT and ZF, focused on creating world-class automotive middleware stack.
The agreement aims to advance the industry's move towards SDVs, delivering high-performance, pre-integrated, and scalable solutions for OEMs and Tier-1 suppliers to accelerate vehicle development.
This development follows previous announcements regarding the KPIT-ZF joint venture for Qorix GmbH, including:
JV agreement approval on 26 Apr 23.
Incorporation of Qorix India as a step-down subsidiary on 15 May 24.
Equity contribution and IP transfer to Qorix GmbH on 5 Jun 24.
ZF's capital contribution of Euro 1.35 million on 29 Jun 24.