NEW YORK (CNNMoney.com) -- Intel Corp. announced Tuesday that it will create an alliance with leading venture capital firms to invest $3.5 billion in U.S. technology companies over the next two years.
Twenty-four venture capital companies have joined Intel (INTC, Fortune 500) in its "Invest in America Alliance" to fund clean technology, information technology and biotechnology companies, Intel Chief Executive Officer Paul Otellini said Tuesday during a speech at the Brookings Institution.
Firms including Advanced Technology Ventures, Kleiner Perkins Caufield & Byers and Walden International have committed to "steer investments into technologies that will drive economic growth and job creation in the United States," Otellini said.
The chipmaker's investment unit, Intel Capital, is committing an additional $200 million to the effort.
During the speech, Otellini also announced that 17 technology companies, including Google (GOOG, Fortune 500), Microsoft (MSFT, Fortune 500), Dell (DELL, Fortune 500) and General Electric Co (GE, Fortune 500)., have agreed to boost college graduate hiring in 2010.
"Most will join us in at least doubling our college graduate hiring, leading to a total of over 10,500 new jobs," he said. "We cannot afford to let our future scientists and engineers sit idle after graduation." 
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