Intel, partners to give $3.5 billion to tech startups
by Andrew Johnson –
Intel Corp.’s plans to direct $3.5 billion of investments into
The Santa Clara, Calif.-based semiconductor giant said Tuesday that its venture-capital arm, Intel Capital, was forming a $200 million fund to focus on domestic companies developing “clean” technology, information technology and biotech.
None of the money Intel plans to invest is earmarked for specific states. But the computer-chip maker’s huge manufacturing presence in metro
Entrepreneurs say the funding is sorely needed in
Intel, along with the 24 venture-capital firms it’s partnering with as part of the Invest in America Alliance, intends to invest $3.5 billion in
Intel also announced that it and 17 tech companies, including Cisco, Dell, eBay and Google, are committed to hiring more college graduates.
The investments are meant to help increase the country’s technological competitiveness, said Amy Kircos, an Intel spokeswoman in
“Each company has given a good-faith commitment, if you will, to invest a certain number of their dollars in the
Venture capital is money investors provide a business typically in return for a stake in the company. The money helps startups pay for research and development, product marketing and hiring.
Intel employs about 9,700 workers at its wafer-fabrication campus in
A handful of the two dozen firms partnering with Intel have invested in
Kleiner Perkins invested in LifeLock Inc., a Tempe-based provider of identity-theft protection products that many tech watchers expect to go public this year.
Mohr Davidow invested in Gilbert-based marketing-HYPERLINK \l “”software developer Infusionsoft.
“The goal is really to create jobs as well as invest in these tech companies,” said Yasine Armstrong, an associate with Flywheel Ventures in
Flywheel in 2007 invested in 4Blox Inc., a storage-software developer that was spun out of
Dan Mahoney, an attorney with law firm Snell & Wilmer LLP in
“If those funds that have been active here or are willing to be active here have the ability to tap into new sources of capital then that will mean more opportunities for (Arizona) companies to find that money,” Mahoney wrote.
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