LG U+ announced on Oct. 1 that it signed a Memorandum of Understanding (MOU) with Qualcomm to cooperate in the Internet of Things (IoT) field. Both companies have decided to select five projects including those for home, public, and industry, and invest between US$100,000 to US$500,000 (118 to 591 million won) or per project over the next two years.
The Korean mobile carrier plans to actively cultivate promising local IoT companies using its LTE-based experience, expertise in the IoT area, and Qualcomm's technical capability.
Qualcomm President Derek Aberle invited LG U+'s headquarters to sign an MOU with the carrier, discussing an open-source eco-system to expand the IoT and support measures to develop IoT services, along with LG U+ Vice President Lee Sang-cheol.
Derek Aberle said, “Qualcomm hopes to closely cooperate with LG U+ in order to accelerate the development of the IoT industry and to create an environment that helps Korean small and mid-sized companies grow not only in the local market, but also in the global market.”