SANTA CLARA (KRON/AP) — Intel is launching a $125 million investment fund, intended to bring about more diversity among tech leaders in Silicon Valley.
The chip making giant says the fund will be used to back startups led by women and minorities and is aimed at helping to change the face of the region, well known as the mecca of the tech world.
The initiative comes amid widespread criticism that the U.S. tech industry is predominantly white and male.
The new fund, which is highly unusual for its focus on minority-led companies, is part of a broader diversity effort launched by Intel CEO Brian Krzanich.
Krzanich announced plans earlier this year to spend $300 million on efforts to promote more diversity, and he pledged to make Intel’s workforce and executive ranks more closely reflect the U.S. workforce by 2020.
Advocates for women and minority entrepreneurs praised the latest initiative.