It’s no secret that the tech industry has a diversity problem. But in recent years, more and more companies have owned up to the lack of women and minorities on staff, engaging in discourse about why change is crucial for driving innovation and launching new initiatives to make that happen. Now, Intel Capital is ramping up its efforts to support the goal of driving diversity: The group is launching a $125 million fund specifically for startups that are led by women and minorities. (Though based in California, Intel Capital boasts a number of Boston portfolio companies—including Black Duck Software, WiTricity, Apperian, Yottaa, Intigua, Surface Logix, Terascala and Skyhook Wireless.)
The Intel Capital Diversity Fund will be overseen by managing director Lisa Lambert, who is African-American, and will back companies where either the founder, CEO or a minimum of three execs reporting to the CEO are female, black, Latino or Native American.
“As technology and markets continue to evolve, building and growing a workforce that is fully representative of the customers we serve and communities in which we operate is paramount to our success,” said CEO Brian Krzanich in a statement. “While we have made progress on our goals over time, we are not content and will continue to take bold actions to grow and develop our diverse talent … In the end, we know this is how we will strengthen our legacy of delivering the most innovative and powerful technology in the world.”
This news follows Krzanich’s announcement at CES in January that Intel was pledging $300 million to achieve “full representation” of women and underrepresented minorities at all levels in the company’s U.S. workforce by 2020.
Lambert revealed that Intel Capital has already identified more than 100 startups that qualify for the diversity fund. And thus far, the firm has invested in four: San Francisco-based how-to company Brit Media Inc., which is aimed at women and girls; Miami-based healthcare tech company CareCloud Corp., which has an office in Boston's Fort Point neighborhood; San Francisco-based Mark One Lifestyle Inc., which makes an Intel-powered smart cup that recognizes and analyzes beverages; and the Salt Lake City cybersecurity company Venafi Inc. In addition to receiving funding, each of these companies will gain access to Intel Capital’s business development programs, global network and technology expertise.
