Wendell Brooks, senior vice-president at US-listed chipmaker and data technology provider Intel and president of its corporate venturing unit, Intel Capital, has resigned after six years.
Anthony Lin, who has been leading mergers and acquisitions (M&A) and international investing for Intel, will lead Intel Capital on an interim basis while a search is conducted for a permanent successor. He is already part of the unit’s equity investing committee.
An Intel spokeswoman said: “Intel remains committed to strategic M&A, venture capital and our strong portfolio of Intel Capital-backed companies.”
She added: “We thank Wendell for all his contributions and wish him the best for the future.”
Intel postponed its rollout of next-generation chips late last month, and organisational changes were predicted by blogs such as Digits to Dollars after its share price fell.
In an email sent to portfolio companies and seen by Global Corporate Venturing, Intel Capital (ICAP) said: “The Intel Capital model remains strong, with 300 portfolio companies worldwide. Our momentum continues, and in the first half of 2020 we invested $225m, including 11 new investments and 26 follow-on investments.”
The message was sent was before Intel Capital made an investment of about $250m in mobile services provider Jio Reliance last month.
In a separate email to portfolio companies, Brooks, winner of this year’s GCV Innovation Economy Leader award, said he intended to stay active in the venture capital ecosystem. He added: “While it is now time for me to take the next step in my life’s journey, you are in great hands with the ICAP team….
“Through up and down economic cycles, strategic pivots and technology shifts, Intel Capital has consistently invested and driven value for our parent company, Intel. We do this by having a relentless focus on delivering value to our portfolio companies. We are at the epicentre of an amazing community of entrepreneurs driving new technologies forward – from [artificial intelligence], autonomous vehicles, data centre and cloud, 5G, next-generation compute and beyond.
“I am proud of what we have accomplished together. Intel Capital invests in innovative startups that are changing the world and you all are on the front lines doing it. I love Intel, my Intel Capital team, and working with all of you. Not only have we succeeded in delivering many disruptive technologies, but we have also made the world a better place, by leading and promoting diversity and inclusion.”
Since 2015, Intel Capital has also invested more than $400m in companies led by diverse teams, and 2019 was a record year, with the unit investing more than $170m in diverse teams, making up over 30% of dealflow that year, compared to 18% in 2018.
