Intel Capital Middle East and Turkey Fund to Help Stimulate Local Innovation and Continued Growth of IT Industry
RIYADH, Nov. 15, 2005 – Intel Corporation today announced the establishment of a US$50 million venture capital fund to invest in technology companies developing innovative hardware, software and services in the region covering the Middle East and Turkey. The announcement of the fund by Intel Chairman Craig Barrett in Riyadh comes on the heels of a broad range of Intel activities in the Middle East and Turkey, highlighted by a week-long tour of the region by the Intel executive.
“The $50 million Intel Capital Middle East and Turkey Fund will help stimulate technological innovation and the continued growth of the IT industry in this emerging region,” said Arvind Sodhani, President of Intel Capital, Intel’s venture investment program. “We will invest in companies to accelerate technology adoption locally and foster development of unique and innovative technologies and content with potential for regional distribution.
“Intel Capital has been working in the region for some time and sees a strong demand for technology in broadband and mobile services, enterprise solutions, digital health, and consumer technologies,” said Sodhani. “That demand, combined with a measurable increase in entrepreneurial activity and some of the world’s fastest growing economies, indicates that the time is right to begin investing in the region.”
The fund will seek to invest in companies that complement Intel’s technology and platform initiatives, and seeks to further build out the IT and Internet infrastructure in the region. With this fund, Intel Capital will focus on opportunities to invest in hardware, services (including broadband infrastructure and mobile wireless solutions using WiMAX technology), local content developers/providers, digital health solutions, IT service providers and software solutions.
About Intel Capital
Intel Capital, Intel’s venture investment program, focuses on making minority equity investments to grow the Internet economy in support of Intel’s strategic interests. Intel Capital invests in hardware, software and services companies in several market segments, including computing, networking, and wireless communications. Intel Capital has invested more than US$4 billion in approximately 1,000 companies in more than 30 countries since 1991. Since its inception, about 160 portfolio companies have been acquired by other companies and another 150 have gone public on various exchanges around the world. Intel Capital employs investment managers in about 25 countries worldwide. Last year alone, Intel Capital invested more than US$130 million in about 110 deals with approximately 40 percent of its investments made outside the United States. For more information, visit http://www.intel.com/capital