CNET's Michael Kanellos reports today that Intel's VC arm Intel Capital has created a venture fund that will invest $50 million in Brazilian startups. The key focus of the fund will be on wireless technologies, particularly WiMAX.

Intel has already invested about $35 million in Brazilian startups including Digitron, TelecomNet and Certsign -- so this brings Intel's total investment in Brazil to about $85 million.

It's all part of a larger global strategy for Intel, Kanellos writes, with the chipmaker helping to jumpstart new markets worldwide with venture money. Last year, the company announced a $50 million fund for the Middle East.

"In the past few years, the chipmaker has emerged as one of the largest venture investors in the world," Kanellos writes. "While Intel wants to obtain a financial return on its investment, its venture funds largely exist to help create new products and ultimately spur demand for new PCs or other products containing Intel chips."

Intel's press release is here.