Intel Corporation has announced plans to spin off its venture capital arm, Intel Capital, into an independent entity. Established in 1991, Intel Capital was unique at its inception as a venture arm of a large corporation.

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

Intel the chips maker that has fallen behind rivals AMD and Nvidia is separating its venture capital arm into a stand-alone fund. Intel is unusual because it both designs chips and manufactures them.

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.