Intel teams up with 24 VCs to invest $3.5 billion in US tech start-ups

Technology leader Intel said yesterday that it will form an alliance with 24 venture-capital firms to invest $3.5 billion in US-based technology companies over the next two years to boost job growth in the country.

Intel President and CEO Paul Otellini announced this $3.5 billion initiative in a speech titled "Rebuilding the Foundations of American Growth," delivered at The Brookings Institution in Washington, DC to support investment in US-based growth-oriented industries and detailed a commitment to double the hiring of college graduates.

The Invest in America Alliance, led by Intel and supported by many leading venture capital firms and corporations, plans to enhance state and federal funds through long-term investment in industries and talent that can produce the next breakthroughs in technology innovation.

The Alliance is planning a two-pronged effort. The first includes a commitment from Intel Capital, Intel Corporation's global investment arm, and 24 leading venture capital firms to invest $3.5 billion in US-based technology companies over the next 2 years.

These investments, which include a new, $200 million Intel Capital Invest in America Technology Fund, will target key innovation and growth segments such as clean technology, information technology and biotechnology.

Intel will be joined in this effort with Advanced Technology Ventures, Braemar Energy Ventures, Bridgescale Partners, Canaan Partners, DCM, Draper Fisher Jurvetson, Flywheel Ventures, Good Energies, Institutional Venture Partners, Investcorp Technology Partners, Khosla Ventures, Kleiner Perkins Caufield & Byers, Menlo Ventures, Mohr Davidow Ventures, New Enterprise Associates, North Bridge Venture Partners, QuestMark Partners, Sevin Rosen Funds, Storm Ventures, Telesoft Partners, Updata Partners, US Venture Partners, Venrock and Walden International.