Qualcomm Spins Out Retail Solutions Unit

San Diego-based Qualcomm said late Wednesday that it is spinning out its Qualcomm Retail Solutions (QRS) unit as a new company, Gimbal, Inc., in a deal with a group of third party investors. Qualcomm said that the new business is being funded from Qualcomm Technologies, Inc., i-Hatch LBS Fund (which includes Zebra Technologies Corporation and AEG), as well as other venture capital, strategic, and individual investors. Financial details of the funding were not disclosed. Gimbal will focus on providing technology for geofencing, priximity beacons, and other sensing technology. The company said that technology is being used for retailing, advertising, social networking and other use cases.