Playground Global, a deep tech-focused venture firm, has hired former Intel chief executive officer Pat Gelsinger as a general partner.
Gelsinger departed Intel in December after leading the chipmaker for nearly four years. He previously served as CEO of VMWare for more than eight years and, prior to that, was president and chief operating officer of EMC for three years, according to his LinkedIn profile. Before EMC, Gelsinger spent 30 years at Intel, serving as senior vice-president and general manager of its Digital Enterprise Group and as its first chief technology officer between 2000 and 2005.
Gelsinger bolsters an investment team with deeply technical expertise. In an interview last year, firm co-founder and general partner Peter Barrett told Venture Capital Journal that he believes Playground’s portfolio and its team of scientists and engineers are the heart of its competitive advantage.
“Once you have the world’s best particle accelerator scientists, or the world’s best theoretical roboticists, that knowledge can spread across our roadmaps and our portfolio companies in a pretty unique way,” Barrett said. “Working with the best scientists and engineers on earth has enabled us to write roadmaps where we can look over their shoulders and figure out how the world is going to be, and I think that’s a unique consequence of our focus.”
Gelsinger will invest alongside fellow general partners Barrett, Jory Bell and Bruce Leak, take board seats, mentor CEOs and lend his technical and operational expertise across the portfolio.
In addition to his GP role at Playground, Gelsinger will become a board member and executive chair of Playground portfolio company xLight.
“Civilization runs on semiconductors, and few people have had as much influence on the evolution of computing as Pat Gelsinger,” Barrett said in a statement. “Pat is an engineer’s engineer. He has not only designed and shaped the future of the industry, he has propelled America’s technological leadership. His unique experience and vision make him the perfect fit for Playground’s mission: to advance society by accelerating deep tech innovation.”
In a LinkedIn post, Gelsinger wrote: “Playground is unique among VC firms for its focus on early-stage start-ups in deep tech and its commitment to ensuring founders have the resources, expertise and support needed to push boundaries. They are working with the technology industry’s rising stars – the ones solving fundamental challenges in next-generation compute, semiconductors, automation, energy transition and engineered biology. These companies have huge potential to improve human lives for the better.”
Based in Palo Alto, California, Playground has $1.2 billion in assets under management. It launched with a $303 million debut fund in 2015. The firm went on to raise eight more funds, including Playground Ventures III, which closed on $410 million in December 2023 from investors including Hon Hai Precision Industry, the New Mexico State Investment Council and Vinik Family Office, according to fundraising data from affiliate title Buyouts.
The firm launched fundraising in December for Playground Ventures IV, which has a target of $350 million, Buyouts reports.
Playground Global, a deep tech-focused venture firm, has hired former Intel chief executive officer Pat Gelsinger as a general partner.
Gelsinger departed Intel in December after leading the chipmaker for nearly four years. He previously served as CEO of VMWare for more than eight years and, prior to that, was president and chief operating officer of EMC for three years, according to his LinkedIn profile. Before EMC, Gelsinger spent 30 years at Intel, serving as senior vice-president and general manager of its Digital Enterprise Group and as its first chief technology officer between 2000 and 2005.
Gelsinger bolsters an investment team with deeply technical expertise. In an interview last year, firm co-founder and general partner Peter Barrett told Venture Capital Journal that he believes Playground’s portfolio and its team of scientists and engineers are the heart of its competitive advantage.
“Once you have the world’s best particle accelerator scientists, or the world’s best theoretical roboticists, that knowledge can spread across our roadmaps and our portfolio companies in a pretty unique way,” Barrett said. “Working with the best scientists and engineers on earth has enabled us to write roadmaps where we can look over their shoulders and figure out how the world is going to be, and I think that’s a unique consequence of our focus.”
Gelsinger will invest alongside fellow general partners Barrett, Jory Bell and Bruce Leak, take board seats, mentor CEOs and lend his technical and operational expertise across the portfolio.
In addition to his GP role at Playground, Gelsinger will become a board member and executive chair of Playground portfolio company xLight.
“Civilization runs on semiconductors, and few people have had as much influence on the evolution of computing as Pat Gelsinger,” Barrett said in a statement. “Pat is an engineer’s engineer. He has not only designed and shaped the future of the industry, he has propelled America’s technological leadership. His unique experience and vision make him the perfect fit for Playground’s mission: to advance society by accelerating deep tech innovation.”
In a LinkedIn post, Gelsinger wrote: “Playground is unique among VC firms for its focus on early-stage start-ups in deep tech and its commitment to ensuring founders have the resources, expertise and support needed to push boundaries. They are working with the technology industry’s rising stars – the ones solving fundamental challenges in next-generation compute, semiconductors, automation, energy transition and engineered biology. These companies have huge potential to improve human lives for the better.”
Based in Palo Alto, California, Playground has $1.2 billion in assets under management. It launched with a $303 million debut fund in 2015. The firm went on to raise eight more funds, including Playground Ventures III, which closed on $410 million in December 2023 from investors including Hon Hai Precision Industry, the New Mexico State Investment Council and Vinik Family Office, according to fundraising data from affiliate title Buyouts.
The firm launched fundraising in December for Playground Ventures IV, which has a target of $350 million, Buyouts reports.
