After investing more than $670 million in 100 Chinese companies since 1998, Intel is launching a new phase that earmarks $100 million for a venture capital fund to help tech firms in China accelerate creation of new devices that use its chips. As part of its plan, the company also will establish an innovation center in Shenzhen.

While earlier investments supported Intel’s work when the PC market was booming, this time it wants to make inroads as a supplier of wearable devices, smartphones, tablets and other products that require chips that are smaller and less expensive than the company has created in the past.

Intel also is looking to play a role in wireless. One area in which it will play catch-up is in long-term evolution (LTE) technology used to make 4G faster than earlier technology.