Intel Capital today announced the $125 million Intel Capital Diversity Fund to invest in technology startups run by women and underrepresented minorities.
Intel CEO Brian Krzanich said: “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.”
Earlier, Intel declared its intent to achieve full representation of women and underrepresented minorities in its U.S. workforce by 2020.
Lisa M Lambert, managing director and vice president of Intel Capital, who is leading the Intel Capital Diversity Fund, said: “With this new fund, Intel Capital is committed to investing in the best talent from a myriad of backgrounds to cultivate brilliant innovations that serve the needs of a diverse public.”
Only 15 percent of venture capital-funded companies in the United States have a woman on the executive team, according to a recent Babson College report, and companies with a woman CEO receive only 3 percent of total venture capital dollars.
Furthermore, less than 1 percent of the founders of Silicon Valley companies are African American or Latino; nearly 100 percent of funded founders are white or Asian, according to industry surveys.
Intel Capital has invested in Brit + Co, San Francisco, which unlocks creativity by educating, inspiring and supporting women and girls. A media and e-commerce platform, its online classes and all-in-one kits let makers learn everything from calligraphy to building gadgets with Intel Galileo boards.
CareCloud, Miami, provides cloud-based practice management, electronic health record (EHR), and medical billing software and services for medical groups.
Mark One, San Francisco, uses Intel Curie hardware module to create a smart cup that automatically recognizes any beverage its user pours into it, displays its nutritional content, and syncs all drinking habits to the user’s smartphone.
Venafi, Salt Lake City, is the Immune System for the Internet. Venafi constantly assesses which keys and certificates are trusted, protects those that should be trusted, and fixes or blocks those that are not. With Venafi’s key and certificate security solution, Intel can continue to bring market-leading security and datacenter technology to market.