Qualcomm Ventures and BNDES launch $37.82M fund for IoT startups in Brazil

LatAm List – Telecommunications giant Qualcomm Inc. recently launched a $37.82M (R$160M) investment fund through its investment arm Qualcomm Ventures in conjunction with Brazilian bank BNDES

In June of 2019, the Brazilian government launched the National Internet of Things Plan, a public policy that aims to develop the IoT ecosystem in Brazil. The fund, in line with the policy, focuses on startups that develop IoT products and services in Brazil and are seeking early-stage funding.

Qualcomm and BNDES will invest 50% of the value of the fund, equivalent to $18.92M (R$80M), and other investors will assist in completing the remaining half of the fund. 

“The creation of this fund is in line with Qualcomm’s strategic vision of boosting the IoT ecosystem in Brazil. We want to engage with leading companies in different verticals, in order to explore the country’s potential as a technology producer,” explained Rafael Steinhauser, Qualcomm’s president for Latin America.

Companies that provide hardware, software, data analysis apps in areas like manufacturing 4.0, smart cities, health, smart agro and residential IoT, fall within the fund’s investment thesis.

Read more on LAVCA.

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