Intel Capital is spinning off from Intel

Behind the scenes: Intel committed up to $500 million per year for the effort, which mostly focused on early-stage startups that could be described as deep-tech and "future of compute."

• The spinout plans began prior to Intel CEO Pat Gelsinger's sudden retirement last month, with Intel Capital senior managing director Mark Rostik saying that Gelsinger had been involved in the discussions.
• When asked if the spinout was being prompted by Intel wanting to reduce its capital commitment, Rostik declined to answer directly. He did say, however, that Intel will serve as a cornerstone investor in the future independent fund, maintain a strategic relationship and will provide capital so that the group can make new and follow-on investments in the interim.

Look ahead: No word yet on how much the independent firm will seek to raise for its debut fund, or what it will be called (may I suggest a rock or a tree?)

The bottom line: Intel Capital head Anthony Lin says the move will let the group act more like other venture capital firms, in terms of greater autonomy, the ability to attract outside capital, and have stronger compensation incentives.