Intel Capital will be done with its 15% to 20% staff reduction this month and has hired additional staff to pursue new strategic directions, President Arvind Sodhani told PE Week.
The firm’s staff cuts were part of an overall cost-cutting campaign that Intel Corp. CEO Paul Otellini announced in late April to eliminate $1 billion in expenses.
Intel Capital’s deal making pace has not slowed through this process, however. The firm invested $249 million in 86 deals during the first half of the year. It has since made several large investments, including a $600 million funding of Clearwire, a WiMax infrastructure provider.
The semiconductor company’s strategic investment arm has expanded its investment focus to include something it calls “digital health.” The new initiative will include investments in biotechnology, bioinformatics and nanotech companies, Sodhani says. He does not have yet plans to create a specialized fund within Intel Capital focused on health care, but he has hired two investors to flesh out the team.
Sodhani also announced two new initiatives designed to help its startups. It has launched a program for licensing key Intel patents to startups called the “IP Access Program.” It also will offer its startups the chance to meet with big Intel customers such as Comcast and Lenovo during something it calls “Intel Capital Technology Days.” There will be 50 meeting days this year Sodhani says.