Paul Jacobs, a former CEO and chairman of Qualcomm, announced he was launching a new startup focused on making 5G more secure, reliable and responsive, the Wall Street Journal reported. The executive was dismissed in March amid news he was thinking of making a takeover bid for the company. The new startup will be called Xcom, and will include two other former Qualcomm executives, Derek Aberle and Matt Grob.
Aberle, formerly Qualcomm’s president, will lead Xcom operations, while former Qualcomm technology chief Matt Grob will lead development efforts. Jacobs will be the CEO.
Xcom is being funded by an undisclosed amount from its founders but is still in its early stage, Aberle said. The company might choose to sell products, license technology or do both, he said, adding that plans would be announced in the coming months. Aberle added that the launch is complimentary to Jabobs buying out Qualcomm. “If we’re successful acquiring Qualcomm, the two things could come together down the road,” he said.
The launch of Xcom comes as Qualcomm recovers from President Donald Trump objecting to the company’s takeover by Broadcom, citing security reasons. Jacobs disclosed his intention to try to buy the company shortly afterward, resulting in his dismissal from its board. Qualcomm is still trying to buy NXP Semiconductors.
