A subsidiary of chip maker Intel plans to invest $500m in Chinese technology firms, the company has announced. The funds will be invested in companies with interests including broadband wireless, media, telecoms and "clean technologies", the company's investment arm, Intel Capital, said.

"Since 1998, Intel Capital has invested in more than 70 companies across China and Hong Kong,” said Arvind Sodhani, president of Intel Capital. "We aim to foster innovation and local entrepreneurship, while enriching the technical capabilities and global competitiveness of technology companies in the region."

The new fund follows an earlier $200m China fund which has been fully invested, Intel said. More than 28 Chinese companies have received funding since 2005, said Cadol Cheung, the managing director of Intel Capital Asia Pacific.

Intel has also announced investments from the new fund in two Chinese high-tech firms, Holdfast Online Technology Co and Newauto Video Technology Inc, but did not disclose the amount invested in either case.

Holdfast has developed a server platform and network technology that hosts console games and LAN-based games so that gamers can play against each other in a wide area network.

According to Intel, Newauto makes and sells video and network equipment and provides systems integration services for TV stations. The company also provides digital content editing and live sports programme broadcasting services to broadcasters. Newauto will be providing services at the Olympic Games in Beijing.

Intel Capital has invested more than $7.5bn in companies worldwide since it was established almost two decades ago.