WASHINGTON : Giant U.S. technology company Intel Corp is working with a range of venture capital firms to organize $3.5 billion in investment in promising technology, $200 million of which will come from Intel itself, Intel President Paul Otellini said on Tuesday.
Intel also announced plans for it and other companies to double their hiring of college graduates, creating more than 10,500 jobs. Otellini estimated the annual paychecks would total more than $1 billion.
The chipmaker has organized a group of 24 venture capital firms to invest in technologies to create economic growth and jobs, he said.
"The members of this alliance have committed to invest $3.5 billion in promising clean technology, information technology and biotechnology companies over approximately two years," Otellini said in a speech at the Brookings Institution think tank.
"As part of the alliance, Intel Capital will participate with its own $200 million commitment," said Otellini, who later noted that this was investment that had not been previously anticipated.
Venture capital firms involved in the initiative include Advanced Technology Ventures, Braemar Energy Ventures, Bridgescale Partners and 21 others.
The companies involved in the hiring of new college graduates include Accenture Plc, Adobe Systems Inc, Autodesk Inc, Broadcom Corp, CDW LLC, Cisco Systems Inc, Dell Inc, eBay Inc, EMC Corp, General Electric Co, Google Inc, Hewlett-Packard Co, Liberty Mutual Group, Marvell Technology Group Ltd's Marvell Semiconductor, Microsoft Corp and Yahoo Inc.