Software tools and services companies can apply for funding to create "innovative applications and digital content for the mobile and PC ecosystem" that are offered for download via the AppUp service.
At its Intel Capital Global Summit, the company already announced twelve investments totaling $45 million. The first two companies to receive funding were Urban Airship, a mobile platform-as-a-service company and 4tiitoo, a German OSV and tablet device developer. 4tiitoo made a name for itself by creating the WeTab, which was one of the first companies working on an iPad rival, but did not live to the initial hype surrounding the WeTab so far.
"The explosion of connected computing devices has created tremendous opportunity for entrepreneurs to create and build businesses to meet the unprecedented demand for new and innovative computing applications and digital content," said Arvind Sodhani, president of Intel Capital and Intel executive vice president, in a prepared statement. "The Intel Capital AppUp Fund will help encourage the creation of companies interested in delivering or enabling applications that enhance and extend the online experience for the 15 billion devices expected to be connected by 2015."