Haifa Intel Capital has named London-based Ashish Patel as the managing director for all of Intel's European VC investment regions, combining Central & Eastern Europe, Russia, Israel, Western Europe and Middle East.
The move comes in the wake of the departure of Schlomo Caine, Managing Director of the Intel capital regions that included Israel, Central & Eastern Europe and Russia.
The combined region accounts for 27 percent of the dollar investment for Intel capital. In 2006 Intel invested more than $1.07 billion in about 163 deals, in which over 60 percent of the investment dollars were placed outside of the U.S.
Caine, who was raised and educated in Israel, had a long career at Intel as a process engineer and played a key role in setting up Intel fabs in Silicon Valley, Israel and Ireland.
In an interview here at the 2nd Israel Innovation Summit, Caine told EE Times he is leaving Intel in ten days "to pursue other interests," but did not indicate where or for whom he would be working.
From its base in Israel, and under Caine's direction, Intel capital has made several key investments in emerging technology companies in Israeli and into the region.
He was especially bullish about the prospects for VC investment in Eastern Europe, noting that Intel made its first investment into Romania last year and plans to announce a second and subsequent investment in a few weeks.
Caine said Intel found "good, people, good technology and good companies," in the region and predicted that investment and technology development in Eastern Europe is going to happen and it's going to happen really fast.
"These people are really going to give (Western) Europe and the rest of the world a run for their money," he said, noting "they are really hungry for success."