Intel Corp. (NASDAQ: INTC) has acquired New Venture Partners' portfolio company, Silicon Hive, a spin-out from Philips Electronics (Philips). Financial details of the transaction were not disclosed.

New Venture Partners, the global venture capital firm dedicated to corporate technology spin-outs, said on Thursday that Silicon Hive contributes to Intel’s plans to become the processor architecture of choice across a variety of smart device and market segments - netbooks and laptops, cars, smart phones, tablets and smart TVs.

The spin-out enabled the business to pursue its natural broader market, said Anton Arts, Venture Partner, New Venture Partners.

New Venture Partners and Intel Capital have collaborated in a number of earlier investments including Flarion Technologies and Sychip.

Marcos Battisti, Managing Director at Intel Capital said: “New Venture Partners spotted Silicon Hive’s disruptive technology early, and successfully worked both with Intel Capital as an early investor, and also Intel as an early customer for Silicon Hive’s imaging and video technology.

Silicon Hive was incubated by Philips to commercialize parallel processing technology for semiconductor Systems-on-Chip (SoC). In 2007, Philips decided to spin out Silicon Hive as an independent, venture-backed company. New Venture Partners led the Series A investment in Silicon Hive with initial participation from TVM Capital.