Intel to spin off venture capital arm, can raise outside money [Video]

Intel said Tuesday that it plans to spin off Intel Capital, its venture capital wing, into an independent firm, the latest in a series of structural changes announced by the chipmaker.

Turning Intel Capital, which has $5 billion in assets, into a standalone fund will allow it to raise money from outside investors, Intel said. Until now, the venture arm has been fully funded by Intel.

Intel is coming off its worst year on the stock market since the company went public in 1971 due to a series of missteps and hefty market share losses. The company has been cutting costs and simplifying its business as it spends heavily to build cutting-edge chip factories while vying to reinvigorate its PC chip unit.

In December, Intel ousted Pat Gelsinger as CEO following a troubled four-year tenure. He’s been replaced by two interim co-CEOs, David Zinzner and Michelle Holthaus.

Intel sold or wound …