Former Intel CEO Pat Gelsinger Joins Venture Capital Firm Playground Global
Pat Gelsinger, the former CEO of Intel, has joined Playground Global, a venture capital firm, as a general partner on Wednesday. Early this month, Intel, the US-based semiconductor giant, appointed Lip-Bu Tan as its new CEO,
In his new role, he will oversee multiple portfolio companies, focusing on identifying technologies that can achieve significant breakthroughs, at least 10 times better than current solutions.
Playground Global, founded in 2015, specializes in deep tech investments, including semiconductors, and currently manages $1.2 billion in assets.
Also, read| Meet Lip-Bu Tan: Intel’s New CEO Tasked With Turning Around The Struggling Chipmaker
Gelsinger, who left Intel following disagreements with the board over his turnaround strategy, expressed excitement about the opportunity to contribute to innovation at a broader scale. He shared that Playground’s approach gives him the chance to stay at the forefront of technological advancements, reported Reuters.
Gelsinger‘s first move is to join the board of xLight, a startup working on a new type of laser technology for chip manufacturing. As executive chairman, he will guide the company in developing lasers that use far less electricity than those used in current lithography machines by ASML Holding, a key player in chip production.
If successful, xLight’s innovation could enhance chip production and keep pace with Moore’s Law, a principle that has driven the miniaturisation and speed of chips over the decades.
Playground Global has previously backed companies like MosaicML, which was sold to Databricks in a $1.3 billion deal, and PsiQuantum, a company racing to build quantum computers in the U.S. and Australia.
Also, read| Mass Layoff In Intel: “This Is Painful,” Says CEO Pat Gelsinger
Intel’s challenges in recent years, particularly its failure to keep up with competitors like Nvidia in the AI market, made headlines.
After a tumultuous four years under Pat Gelsinger, Intel was facing increasing pressure to rethink its business model. Investors urged the company to explore other avenues, including cutting its losses and spinning off certain businesses.
(With inputs from Reuters)
