Multinational chip maker company Intel Corporation recently announced it's investing US$28 million in Chinese companies to accelerate innovation and technology for the 'Internet of Things' (IoT).

Intel Capital, the company's global investment organization, announced the investment last week as part of the China Smart Device Innovation Fund. The move will focus on smartphones, tablets, wearables and the Internet of Things.

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"We would like to congratulate these companies on receiving investments from the Intel Capital China Smart Device Innovation Fund," said Arvind Sodhani, Intel's Executive Vice President.

"Investments from the fund are earmarked to help drive smart device innovation in China and beyond." Sodhani added.

"These innovative companies will help lead to a new wave of product development in China in smartphones, tablets, wearables and the Internet of things."

Chinese companies that will receive investment include EyeSmart Technology Ltd., Shanghai Ailiao Information Technology Ltd., Shenzhen Fibocom Industrial Development Ltd., Guangdong Appscomm Digital Technology Ltd. and LeWa Technology Co. Ltd.

Intel's CEO Brian Krzanich announced the US$100 million China Smart Device Innovation Fund at the Intel Development Forum (IDF) in Shenzhen earlier this year.

The China fund intends to help Chinese companies increase development of smart and connected devices for IoT technology. The IoT is a broad term that aims to connect smart electronic devices to the Internet.

"Smart and connected devices represent some of the most exciting new areas in technology, and with China maintaining one of the world's most robust technology ecosystems these technologies are poised for dynamic growth," said Ian Yang, President of Intel China.

TagsIntel Corporation, EyeSmart Technology Ltd, Shanghai Ailiao Information Technology Ltd, Shenzhen Fibocom Industrial Development Ltd, Guangdong Appscomm Digital Technology Ltd, LeWA Technology Co. Ltd, China Smart Device Fund, The Internet of Things, IoT