Intel, venture capital firms to invest $3.5 bn in US

Chip maker Intel has joined hands with two dozen of leading venture capital firms to invest $3.5 billion in the US-based growth-oriented industries over the next two years to avail jobs in the economy.

The investments include $200 million contribution from Intel Capital, Intel Corporation's global investment organisation, in technology fund, Intel President and CEO Paul Otellini said in a statement on Tuesday.

Intel Capital and 24 leading venture capital firms are set to invest $3.5 billion in US-based technology companies over the next two years, Otellini said.

The investments would be targeted on clean technology, information technology and biotechnology.

Intel is a part of the group that would double their hiring of college graduates in 2010, creating about 10,500 jobs.

"Venture capital investments have played an important role in creating jobs at home and keeping America at the leading edge of technology globally," Intel Executive Vice- President and Intel Capital President Arvind Sodhani said.

Venture capital firms involved in the investment are Advanced Technology Ventures, Braemar Energy Ventures, Bridgescale Partners, Canaan Partners, DCM, among others.

At the same time, Intel and some other tech companies have made commitments to increase their hiring of college graduates.

Those companies include Accenture, Adobe Systems Dell, eBay, GE, Google, HP, Microsoft and Yahoo.