Intel seems to be a pretty optimistic company. And, it's not because Intel CEO Paul Otellini recently said he saw quarterly sales at the chip giant return to "normal" levels. While many venture capitalists have been hunkering down since last October, Intel's venture capital unit has been actively looking at deals, albeit unsuccessfully.

"It was a little slow, but not because we weren't willing to invest, but because the companies that we were looking to invest in weren't looking to raise in that environment," said Lucy McQuilken, investment manager at Intel Capital, responding to my question about whether Intel took a hiatus from investing, much like other VCs. McQuilken and I were attending the AlwaysOn Venture Summit East conference in Boston, this week.

But much like other VCs, Lucy expects things to improve. "Coming into the fall a lot of those companies will be raising [funds]."

McQuilken also said that Intel Capital is looking aggressively. "We're very active," she said. "It's an excellent time to invest. We invested through the last downturn in 2001 and I think we wished we invested more. Some great companies were built during that time."

McQuillen is interested in investing in consumer Internet companies and mobile. So, listen and watch my interview with her for more details.