Intel announced a $125 million fund for technology start-ups with women and minorities in leadership on Tuesday following a $300 million pledge for five years to improve diversity.
Lisa Lambert, the managing director of Intel Capital and an African-American, said that firms with a minority or woman founder or CEO, or at least three top executives who are women and minorities qualify for funding.
"They will go through the same scrutiny as any Intel Capital deal. This isn't a social program" added Lambert.
Intel CEO Brian Krzanich pledged $300 million earlier this year following heavy criticism on tech industry for their male and white workforce dominance.
Krizachi explained that the intention of the fund is to create a more diverse “ecosystem” for smaller tech companies and entrepreneurs.
“There are plenty of women- and minority-led start-up companies, and we want to work with them,” he said.
Semiconductor manufacturer has 51,118 employees in the US, of which 24 percent are women, 31 percent are Asian, 8 percent Hispanic or Latino, and 4 percent are African American.