Clearwire Corp., a wireless Internet service firm founded by telecommunications entrepreneur Craig McCaw, said it’s scrapping its $400 million initial public offering to receive a $900 million financing round led by Intel Capital.

Canning said the round will “lend credit” to WiMax technology as the sector moves to take wireless Internet access to the next level of providing broadband services over wider areas than traditional WiFi systems.

Intel spokesman Kent Cook said the chip giant won’t hold a majority stake in Clearwire after the transaction. He declined to say if Intel will hold seats on the board of Clearwire.

Intel said the stake in the WiMax services firm represents the largest investment ever made by Intel Capital, which was founded in 1991.

Motorola acquired Clearwire’s subsidiary, NextNet Wireless, for an undisclosed sum, as part of the deal.

Like Wi-Fi, WiMax offers two-way broadband Internet access, with the added capability of broadcasting broadband service at a radius of several miles.

Next year, Intel plans to feature WiMax capabilities in some versions of its Centrino package of chips aimed at improving battery life in notebook computers and to make it easier for them to connect to wireless networks.

Mobile phone giants have been studiously ignoring Intel and WiMax. This looks like the flip side of “if you can’t beat ’em — join ’em!”