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 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.

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