Qualcomm has set up a $200 million VC fund to invest in early stage startups developing non-smartphone 5G applications.

Over the next four years, the Qualcomm Ventures 5G Ecosystem Fund will support start-ups across the 5G market including those building devices, networking and communications, and applications and serviceS,

US telcos expect to offer US 5G coverage by mid-2020, says Qualcomm, which argues that the real potential of 5G is beyond the smartphone market.

“5G will transform industries and should be viewed as a business strategy for all,” says CEO Steve Mollenkopf, “the intent of this fund is too fuel innovative 5G businesses that will be poised to take advantage of the $13.2T economic benefit that 5G will enable by 2035.”

The fund will be managed by Qualcomm Ventures, the company’s venture capital investment group. Qualcomm Ventures has made more than 350 investments since its founding in 2000, including investments in Zoom, Cloudflare, AMEC, Xiaomi, Cruise Automation, 99, Thundersoft, Fitbit and Waze. Last year, Qualcomm launched the Qualcomm Ventures AI Fund to invest in startups using on-device AI.