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.

Major news outlets have conflicting reports on whether the Trump administration is supportive of a foreign firm buying a piece of Intel.

Why it's the BFD: An acquisition will not just depend on the U.S., but also regulators from around the world.

Context: A White House official told Reuters that President Trump is unlikely to support a foreign firm — such as TSMC — taking over Intel's factories.

Yes, but: The New York Times previously reported the administration was working with TSMC on an Intel deal.

• Broadcom is reportedly interested in Intel's chip design business, while Silver Lake is said to be interested in a stake in Altera, per Reuters.

Flashback: Back in 2023, Intel sought to buy Israeli chipmaker Tower, but Chinese antitrust regulators didn't rule on the deal in time, and Intel paid a $353 million termination fee instead of the $5.3 billion price tag to buy the business.

• Similarly, U.S. giant Qualcomm ended its $44 billion deal to buy Dutch player NXP after failing to win approval in China in 2018.

Regulators in Europe would also likely have a say on any major Intel deal. "That's the bigger problem — with all these deals you are talking about such large companies, can you get everyone to bless the deal?" says Wedbush's Matthew Bryson.

The bottom line: Intel's ability to break up will be a reflection of the state of U.S. foreign relations.

Source: Giphy

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• Saronic, a Texas-based drone-boat builder, raised $600m at a $4b valuation. Elad Gil led the round, joined by General Catalyst. axios.link/4beeiX1

• Verkada, a San Mateo, Calif.-based video security camera company, raised $200m in Series E funding valuing it at $4.5b led by General Catalyst, and Eclipse Ventures joined. axios.link/418gGdr

• Pocket FM, an India-based audio app backed by Tencent, is eyeing a $100m raise. axios.link/4k5rJMP

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• Hightouch, a platform for customer service and sales teams to sync data, raised $80m at a $1.2b valuation. Sapphire Ventures led the Series C with participation from NVC, Amplify Ventures, Iconiq Growth, Bain Capital Ventures, and Y Combinator. axios.link/3QptSWf

• Augury, a New York-based machine insights company for manufacturers, raised $75m led by Lightrock with participation from Insight Partners, Eclipse Ventures, Qumra Capital, Schneider Electric Ventures and Qualcomm Ventures. augury.com

• Blockaid, a New York-based crypto security platform, raised $50m in Series B funding led by Ribbit Capital, with participation from GV, Variant, and Cyberstarts. blockaid.io

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🚑 Frontera Health, a Denver-based developer of autism therapy streamlining tools, raised $32m in seed funding, per Axios Pro. Lux Capital, Lightspeed, Menlo Ventures, Inspired Capital and Bison Ventures participated. axios.link/3QoDRek

🚑 Atrandi Biosciences, a Lithuania-based single-cell analysis technology, raised $25m in Series A funding led by Lux Capital, with participation from Vsquared Ventures, Practica Capital, Metaplanet and Grids Capital. atrandi.com

• DiligentIQ, a New York-based platform for private equity due diligence, raised up to $12m in Series A funding led by Fintop Capital and Jam Fintop. axios.link/3EGF5iq

🚑 Avandra, a Cleveland-based network for medical imaging and clinical data, raised $17.8m led by Aegis Ventures. axios.link/4i4P1AJ

• Subsense, a Palo Alto, Calif.-based Brain-Computer Interface company, raised $17m in seed funding led by Golden Falcon Capital. subsense-bci.com

• ClustroAI, an SF-based edge AI business, raised $12m in Series A funding led by Forum Ventures, with participation from MetaBlast and Metaverse Group. clustroai.com

🚑 Perceive Pharma, a South SF-based company focused on small molecule therapeutics in ophthalmology, raised a $15m Series A. Investors included Deerfield Management, Johnson & Johnson, Braidwell, and GV. axios.link/4gPPJkp

🚑 Posterity Health, a Colorado-based male fertility startup, raised $14m in Series A funding, per Axios Pro. Georgetown Equity Partners led the round. axios.link/4k6jS1S

• Wooptix, a Madrid, Spain-based semiconductor metrology company, raised €10m in Series C funding round led by Samsung Venture Investment and the Spanish Society for Technological Transformation. axios.link/3X7rWp5

• Stacks, an Amsterdam-based AI accounting business, raised $10m in seed funding led by EQT Ventures and General Catalyst. stacks.ai

• Singulr AI, a Palo Alto, Calif.-based enterprise AI governance and security platform, raised $10m in seed funding led by Nexus Venture Partners and Dell Technologies Capital. axios.link/3CXKdOG

• Fetii, an Austin, Texas-based ride-hailing firm for younger riders, raised $7.4m in seed funding led by Mark Cuban, with participation from Y Combinator and Goodwater Capital. axios.link/4gMZCiR

🚑 Keebler Health, a Durham, N.C.-based risk adjustment platform for health care providers, raised $6m in seed funding from investors including Freestyle Capital, MBX Capital, and New Stack Ventures. keebler.health

• Lingo.dev, an SF-based maker of AI software that translates software products, raised $4.2m in seed funding led by Initialized Capital, with participation from Y Combinator and Supabase CEO Paul Coplestone. lingo.dev

• SRA Watchtower, a Glen Allen, Va.-based risk management platform for banks, raised $4m led by Fintop Capital, Jam Fintop, and EJF Capital. srawatchtower.com

• Handly, a Berlin-based maker of software for home services raised €3.8m in seed funding led by 20VC and Stride VC, with participation from Base10 Partners. handly.app

• Riley, an SF-based parenting app, raised $3.1m led by True Ventures with participation from Flybridge and Next Wave NYC. rileyapp.com

• FullEnrich, an SF-based data enrichment aggregator raised $2m in seed funding from Flex Capital, M-Fund, Kima Ventures, First Degree, Offord Ventures, and Duro Ventures. fullenrich.com

• Glassbox, a Toronto-based startup for corporate finance teams, raised $1.2m in pre-seed funding led by FinTech Collective and StandUp Ventures. axios.link/3X9JvVD

• Saronic, a Texas-based drone-boat builder, raised $600m at a $4b valuation. General Catalyst led the round. axios.link/4beeiX1

🚑 Sycamore Partners talks to acquire Walgreens, the drug store chain, are still alive, per CNBC. axios.link/4k69NBR

• AE Industrial Partners invested in United Building Solutions, a Pennsauken, N.J.-based HVAC business, which acquired Total Comfort Solutions, a North Florida and Georgia-focused HVAC company. axios.link/4b50vC8

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🚑 Flourish Research, backed by Genstar Capital, acquired Diablo Clinical Research, a multi-therapeutic clinical research facility. axios.link/4b8jeg1

🚑 Grovecourt Capital Partners acquired IMRIS Imaging, a Chaska, Minn.-based movable MRI business. imris.com.

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• Vista Equity Partners and Goldman Sachs Growth-backed Deepwatch acquired Dassana, a San Mateo, Calif.-based cybersecurity business backed by Dell Technologies Capital, Splunk Ventures, Vista Equity, and Goldman Sachs Growth. axios.link/4hGQM7D

• Hexaware, an Indian software and tech services provider backed by Carlyle, raised $1b in an IPO in the country. axios.link/3QJRs0d

🚑 Amphenol (NYSE: APH), acquired LifeSync, a developer of disposable patient monitoring devices, from HealthEdge Investment Partners. axios.link/4k7QoAK

• HP acquired Humane, an SF-based AI pin maker, for $116m. Humane previously raised over $230m from investors including Sam Altman, Tiger Global, Hico Capital, and Kindred Ventures. axios.link/3QqCvjk

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• Menlo Security, backed by Vista Equity Partners, acquired Votiro, a data and file security platform backed by Harvest Lane Asset Management. axios.link/3QnTKBO

• Pershing Square offered a boosted $900m bid for a larger stake in Howard Hughes, the real estate business. axios.link/41wI8D7

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• Neuberger Berman closed on $1.6b for its third specialty finance fund and related asset-backed financing funds. axios.link/3QKd50p

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• Buoyant Ventures promoted Laura Katzman and Alex Behar from principal to partner. axios.link/4gPPNk9

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