Intel invests $125 million to fund tech startups led by women, minorities

SANTA CLARA, Calif. – Intel is launching a $125 million investment fund that will back technology startups led by women and minorities, in a move the giant chip-maker says is aimed at helping to change the face of Silicon Valley.

The new fund, which is highly unusual for its focus on minority-led companies, is part of a broader effort that Intel CEO Brian Krzanich has launched amid widespread criticism of a U.S. tech industry that is predominantly white and male.

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Krzanich announced plans earlier this year to spend $300 million on diversity efforts and pledged to make Intel’s workforce and executive ranks more closely resemble the U.S. workforce by 2020. Advocates for women and minority entrepreneurs praised the latest initiative.

“We believe a diverse and inclusive workplace is fundamental to delivering business results,” said Intel CEO Brian Krzanich. “Our goal with this new fund is to meaningfully support a technology startup workforce more reflective of society, and ultimately to benefit Intel and the broader economy through its success.”