Wednesday, June 10, 2015

Intel launches investment fund for minority, women-led firms

SANTA CLARA, California (AP) — Intel is launching a $125 million investment fund for technology startups led by women and minorities, a move the chipmaker says is aimed at changing the face of Silicon Valley.

The new fund, which is unusual for its focus on minority-led companies, is part of a broader effort that Intel CEO Brian Krzanich has launched amid widespread criticism of a U.S. tech industry dominated by white male executives and investors.

Krzanich announced plans earlier this year to spend $300 million on diversity efforts and pledged to make Intel's workforce and executive ranks more closely resemble the U.S. workforce by 2020. Intel has previously said its workforce is about 24 percent female and 12 percent black and Hispanic. The U.S. workforce is about 47 percent women and 26 percent black and Hispanic.

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