Intel Capital sees major exits
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Intel Capital had a stream of exits from the top layers of its investor team in the year before announcing its spinout plans, Axios has learned.
Why it matters: Intel's venture firm wasn't immune from the chip giant's recent corporate-level turbulence.
Zoom in: In total, Intel Capital's site listed 42 employees as of of early 2024. That's now down to 33.
- Senior managing director Trina Van Pelt exited in June 2024, according to her LinkedIn, after 20 years with the firm.
- At the MD level, Mark Lydon exited at the end of last year, Arun Chetty resigned roughly a month ago, Sean Doyle retired in December after 24 years, and Tammi Smorynski also exited in September, after 24 years with the business, according to her LinkedIn.
Context: Intel Capital is one of the most well-regarded corporate venture capital funds out there, both in terms of success and length in operation.
- Its annual deployment has been steady, at about $350 million to $500 million in recent years, a source tells Axios, and the source says it plans to stay in that range this year.
The big picture: Intel fell behind in the AI wars as players such as Nvidia, Broadcom, and TSMC bounded ahead on the global stage. Intel CEO Pat Gelsinger was ousted in December, with investors now believing a break up of the business may be the necessary medicine.
Intel Capital declined to comment.
