SANTA CLARA, Calif. – Chip maker Intel Corp. plans to extend its corporate venture-capital reach overseas this year.
Intel has backed 200 mostly United States-based companies with about $1.5 billion through its “corporate business development program,” which seeks strategic and financial rewards, a spokesperson said.
The company will spend 1999 hiring investment staff to focus on Europe, Latin America and the Asia-Pacific region, the spokesperson added, declining to reveal the exact number of intended hires. Intel so far has backed a handful of companies in India, China and Europe.
Intel invests in companies whose products are expected to increase demand for computers and, therefore, Intel chips, as well as in companies whose products would improve the chips themselves (VCJ, April 1998, page 29). The corporate business development effort is headed by Senior Vice President Les Vadasz.