Intel Corp has announced a $50m venture capital fund to invest in budding tech companies in the Middle East and Turkey.
The chipmaker, the world’s largest, expects to fund companies developing hardware, software and services in the region to help stimulate the IT industry there and, in turn, demand for Intel silicon.
Intel Capital has been working in the region for some time and sees a strong demand for technology in broadband and mobile services, enterprise solutions, digital health and consumer technologies, said Arvind Sodhani, Intel Capital president.
That demand, combined with a measurable increase in entrepreneurial activity and some of the world’s fastest growing economies, indicates that the time is right to begin investing in the region.
Specifically, Intel said broadband infrastructure and WiMax technologies would be its investment focus for the region, along with hardware, services, local content providers, digital health and IT service providers and software.
The new fund follows Intel chairman Craig Barrett’s week-long tour of the region.
Intel Capital, the VC arm of Santa Clara, California-based Intel, has ploughed more than $4bn into about 1,000 companies in more than 30 countries since 1991. Last year, Intel Capital invested more than $130m into about 11 deals. Of those, about 40% were made outside the US.