Intel Capital has dished out some US$28 million to several Chinese companies specializing in wearable devices, smartphones, and the Internet of Things (IoT) technology, as part its China Smart Device Innovation Fund.

Intel's global investment unit said in a statement the US$28 million was the first batch of investments from the fund, to which it had committed US$100 million earlier this year as part of efforts to boost China's technology innovation. The company has invested more than US$700 million in 120 Chinese companies since 1998.

Arvind Sodhani, president of Intel Capital and executive vice president of Intel, said: "Investments from the fund are earmarked to help drive smart device innovation in China and beyond. These innovative companies will help lead to a new wave of product development in China in smartphones, tablets, wearables, and the Internet of things."

Ian Yang, president of Intel China, added: "Smart and connected devices represent some of the most exciting new areas in technology and with China maintaining one of the world's most robust technology ecosystems, these technologies are poised for dynamic growth."

According to Intel, among the companies that received the first batch of investment include EyeSmart Technology, which manufactures iris recognition products and technology for mobile terminals, smart phones, wearables, and mobile payments, among others. IoT market player, Shenzhen Fibocom Industrial Development, also received funds as well as Guangdong Appscomm Digital Technology, which specializes in smart wearable devices and cloud applications in elder care, health management, and fashion.

Intel Capital offers two other funds for the Chinese market, including the US$200 million Technology Fund which was launched in 2005 and the US$500 million Technology Fund II which was established in 2008.