Tuesday, February 23, 2010

Flywheel Ventures Joins In $3.5B Intel Investment, Jobs Effort

New Mexico-based venture capital firm Flywheel Ventures is one of a long list of mostly Silicon Valley venture capital firms behind a new, $3.5 billion investment effort led by Intel, aimed at helping invest in U.S.-based technology companies and jobs. According to Intel, it has created a new group--the Invest in America Alliance which will look to invest $3.5 billion in startups in the next two years, and also help increase the number of jobs for new graduates. The effort links 24 venture capital firms, including Flywheel, who have committed to investing $3.5 billion over the next two years to help spur the U.S. economy. The effort also includes commitments by employers to hire around 10,500 additional new college graduates. Intel itself said the firm has committed to invest $7B to upgrade its U.S. manufacturing facilities, which supports more than 7,000 American jobs and more than 4,000 contract jobs in Arizona, New Mexico, and Oregon.