Silicon giant Intel (News - Alert) has decided to make $67 million in investments in various Chinese tech startups, across a broad spectrum of different industries, such as analytics, transportation, smart devices and Internet of Things (IoT).
Intel has not revealed the amount of investment in the different individual companies that it has earmarked; only that “each investment would strengthen core operations.”
Among the eight recipient companies will be Ninebot, the Xiaomi-backed scooter startup that acquired Segway in April; other investments include 99cloud, an OpenStack-based solution; AWcloud, which develops OpenStack cloud solutions for enterprise customers; chip design startup Telink Semiconductor; robotics and control systems developer PraFly; and electronics makers Bluebank Communication Technology and Shenzhen Hampoo Science & Technology.
Intel China President Ian Yang called China a “leader of global technology innovation” and added, “Our investments, new products and collaborations in China support the government’s national initiative to uplift its innovation economy.”
The chipmaker has spent three decades in active development in China, and over that time, has invested $2 billion in more than 140 Chinese companies—including $1 billion alone to take a 20 percent stake in Beijing UniSpreadtrum, a mobile chipmaker, last year. China, as a hub of electronics manufacturing, is an important market for the company, but one where it is playing catch-up to the dominance of rival Qualcomm (News - Alert) Inc.
The announcement comes shortly after Intel sealed a $60 million deal with Shanghai-based drone maker, Yuneec. It also comes as Chinese President Xi Jinping is making his first visit to the U.S., meeting with government officials as well as tech CEOs, including Facebook (News - Alert)'s Mark Zuckerberg, Microsoft's Satya Nadella, Apple's Tim Cook and Amazon's Jeff Bezos.
Intel has been on a bit of a buying spree, even in other markets. Last month, Intel Capital (News - Alert) unveiled plans for a $100 million fund for OpenStack firm Mirantis, in a funding venture led by Goldman Sachs, August Capital, Sapphire Ventures and WestSummit Capital.
Edited by Rory J. Thompson