San Diego, CA (February 12, 2015, U-T San Diego) Satellite Internet provider ViaSat has joined Qualcomm and Cisco as a potential investor/mentor in startups in the no-strings-attached EvoNexus incubator program.
The Carlsbad company will examine companies admitted to EvoNexus for young firms that fit ViaSat’s interest — connected services, telecommunications technology and cyber security.
It then could invest up to $250,000 in selected EvoNexus startups — likely through a loan that would be convertible into equity.
“This is a way for ViaSat, Qualcomm and Cisco to get back to ground zero and look at local startups early on,” said Rory Moore, head of the non-profit EvoNexus incubator program.
EvoNexus is currently accepting applications for its locations in downtown San Diego, University City and Irvine. It will probably bring in about 15 firms this round, said Moore. The deadline for applying is Feb. 28.
Founded in 2009, EvoNexus offers free office space, mentoring and other services to young firms. Unlike some other incubators, EvoNexus does not take an equity stake in companies it selects.