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. Most Read from BloombergThese Homes Withstood the LA Fires.

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

Intel Capital's separation is 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," said David Zinsner, Intel's interim co-chief executive officer and CFO.

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.

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

Intel said on Tuesday that it plans to spin off Intel Capital, its venture capital wing, into an independent firm