Intel, VC firms investing $3.5 billion in U.S. technology

Intel president and chief executive Paul Otellini announced plans this week to invest $3.5 billion in new technologies that could help the U.S. economy and increase the hiring of recent college graduates.

The investments will come from two dozen venture capital firms. Investment over the next two years will go toward clean technology, information technology and biotechnology. Intel plans to contribute $200 million toward this effort.

In a separate plan, Otellini said Intel and other tech companies are committed to increasing the hiring of recent college grads this year.

"Strong, enduring economies grow out of a culture of investment and a commitment to innovation," Otellini said in a statement. "We simply must have a clear, consistent strategy to promote innovation, investment and start-up companies. There are things business can do, and ought to do, independent of what government achieves."

For more on Intel's tech plans:
- see this Information Week article
- see the press release

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