Intel said Tuesday that it will turn its in-house investment fund into a separate organization with a new name, the latest in a series of steps to cut spending as the company seeks to overhaul its business.

Intel Corp., the once-dominant chipmaker struggling to revive its business and finances, plans to turn its venture capital arm into a separate fund with a new name.

Corporation announced its intention to separate Intel Capital, its global venture capital arm, into a standalone fund. The new