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 says that it plans to spin off its corporate venture arm, Intel Capital, into a standalone fund, with Intel as an "anchor investor."

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.