Intel Capital Announces $100 Million AppUp Fund

Chip maker Intel's investment arm Intel Capital has announced a new fund for companies developing apps and digital content for mobile devices and PCs.

The $100 million Intel Capital AppUp Fund was launched at the Intel Capital Global Summit in Huntington Beach, California.

The fund has been created to boost app development for Intel's own app store, the Intel AppUp Center, which offers applications for netbooks, consumer laptops and Ultrabooks.

The company announced that two of the earliest investments include mobile based platform as a service firm Urban Airship and Germany based tablet device developer 4tiitoo.

"The explosion of connected computing devices has created tremendous opportunity for entrepreneurs to create and build businesses to meet the unprecedented demand for new and innovative computing applications and digital content," said Arvind Sodhani, president of Intel Capital and Intel executive vice president.

"The Intel Capital AppUp Fund will help encourage the creation of companies interested in delivering or enabling applications that enhance and extend the online experience for the 15 billion devices expected to be connected by 2015." he added reports The Register.

The main focus of the fund will be to invest in companies working HTML 5 and new technology for the Ultrabook platform, Intel's answer to Apple's MacBook Air.