Intel is launching a $100 million fund to invest in companies creating applications and content that complement its mobile chips, which have struggled to find a foothold in tablets and smartphones.

The Intel Capital AppUp Fund, named after the chipmaker's online software store, has so far invested in Urban Airship, a mobile marketing company, and 4tiitoo, a German software firm, Intel said in a statement.

Intel is racing to establish itself in the mobile computing market, where manufacturers mostly use processors made with energy efficient technology licensed from Britain's ARM Holdings .

Intel's AppUp online store promotes the development and sale of applications built for the MeeGo operating system that runs on many netbooks using Intel's Atom mobile chips.

The new fund follows the creation of a $300 million fund earlier this year to promote technology for a new category of sleek laptops the Santa Clara, California company has dubbed Ultrabooks.

Intel is racing to refocus its lead in manufacturing technology to create processors better suited for tablets and smartphones requiring low-power consumption.

(Reporting by Noel Randewich; Editing by Tim Dobbyn)

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