SCI-TECH

Intel pledges $125 million for tech startups led by women, minorities

Brandon Bailey The Associated Press
Published Tuesday, June 9, 2015 4:12PM EDT

Intel, which plans fund to help minorities, women

FILE - An Intel sign is seen at the Consumer Electronics Show, in Las Vegas, on Jan. 7, 2010. (AP Photo/Laura Rauch)

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SANTA CLARA, Calif. -- Intel is launching a $125 million investment fund that will back technology startups led by women and minorities, in a move the giant chip-maker says is aimed at helping to change the face of Silicon Valley.

The new fund, which is highly unusual for its focus on minority-led companies, is part of a broader effort that Intel CEO Brian Krzanich (pronounced: ker-ZAN-itch) has launched amid widespread criticism of a U.S. tech industry that is predominantly white and male.

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. Advocates for women and minority entrepreneurs praised the latest initiative.