NEW DELHI, Dec. 5, 2005 — Intel Corporation today announced the establishment of a US$250 million venture capital fund to help stimulate technological innovation in India and drive continued growth of the country’s Information Technology (IT) industry.
‘The pace of technology innovation is accelerating,’ said Intel Chairman Craig Barrett. ‘Through the Intel Capital India Technology Fund, Intel will help Indian companies drive technology adoption locally and identify new business opportunities globally.’
The fund will be used to invest in companies that can benefit from the rapid growth in the domestic IT market segment in India, and provide local businesses with capital to help nurture important technologies and products developed for local use. Intel Capital will also use the fund to selectively invest in technology-oriented service companies that target overseas market segments using India’s highly talented resource base. Examples of initial focus areas include cellular communications, broadband applications and wireless technologies.
‘Intel Capital consistently invests ahead of the curve, and we feel that the timing to launch a fund in India could not be more ideal,’ said Arvind Sodhani, president of Intel Capital. ‘Intel Capital plays a critical role in Intel’s wide-ranging efforts to stimulate technological innovation and grow the IT industry in India. We anticipate that the establishment of the India Technology Fund will inspire even more innovative business models among Indian entrepreneurs, help accelerate technology adoption locally, and foster the development of innovative technologies with potential for global distribution.’