Intel, VC firms to invest $3.5B in US tech companies to create new jobs

Intel, VC firms to invest $3.5B in US companies

WASHINGTON — Intel and 24 venture-capital firms are planning to invest $3.5 billion over the next two years on U.S.-based technology companies to help create new jobs.

Intel Corp.’s CEO, Paul Otellini, announced the “Invest in America Alliance” in a speech Tuesday in Washington.

The program will target areas such as clean technology, information technology and biotechnology. It also includes a commitment by 17 major technology companies to boost their hiring of college graduates to make cutting-edge technologies.