Intel today announced that Intel Capital, its global investment organization, committed a total of $132 million to 11 startups focused on AI, automation, and chipset design. It follows a year in which the firm invested $466 million in 36 new companies (and 35 follow-on investments) and led 72% of its deals through 22 successful exits. In 2020, Intel Capital says it’s on track to invest around the same amount — between $300 million and $500 million — in startups specializing in AI, with a particular focus on intelligent edge devices and network transformation.
Intel doubling down on AI and machine learning is business as usual. During an earnings call late last year, CEO Bob Swan said the company generated $3.8 billion in AI-based revenue in 2019, and that he anticipates the market opportunity will reach $25 billion by 2024. To position itself for growth, Intel recently acquired Habana Labs, an Israel-based developer of programmable AI and machine learning accelerators for cloud datacenters, as well as Moovit, a mobility startup that could be central to Intel subsidiary Mobileye’s plans for a robo-taxi service.