Intel Corp., the once-dominant chipmaker struggling to revive its business and finances, plans to turn its venture capital arm into a separate fund with a new name.

Intel says that it plans to spin off its corporate venture arm, Intel Capital, into a standalone fund, with Intel as an "anchor investor."

Intel’s interim co-chief executive, David Zinsner, said spinning off its venture arm was a “win-win scenario as it provides the fund with access to new sources of capital to expand its franchise while allowing both companies to continue benefiting from a productive long-term strategic partnership”.

Intel Corp. said today that its venture capital arm Intel Capital is being spun off into an independent entity, the latest move in a series of structural changes it’s making as

The chip maker said it will remain an investor in Intel Capital, founded in 1991 with over $5 billion in assets under management.

Intel Capital has $5 billion in assets and a portfolio of 170 companies. Intel says it will remain an "anchor investor."

Intel the chips maker that has fallen behind rivals AMD and Nvidia is separating its venture capital arm into a stand-alone fund. Intel is unusual because it both designs chips and manufactures them.