"The timing was quite good,” recalls Moore, “the idea of semiconductor memory was around, and we reckoned we needed to make a 200 to 1 cost reduction to be in competition with core memories."
"It was also a time when it was very easy to raise money." The VC, Arthur Rock, said that raising the money took as long as it took to make the phone calls.
"Intel was a tremendous -opportunity for us to have it all go round a second time," remembers Moore, "it wasn't all such a surprise to us as it had been when we started Fairchild. This time things happened much as we expected them to happen. We didn't have the problem of how to get management experience of big companies because Fairchild had become a $150 million company with 20,000 employees, so we had the experience."
Noyce and Moore each put in an individual $245,000, and Rock himself put in $10,000. All but two of the eight founders of Fairchild invested money in the new venture.
Over the next two years Intel raised another $2.16million in private share placements and went public raising $6.8 million in 1971.
Thirty years later Moore's six per cent stake was worth $10 billion.