Brazilian public and private sector actors launch IoT investment fund

The Brazilian Development Fund (BNDES) and Qualcomm Ventures create a $45 million venture capital fund to encourage early-stage investments in IoT companies. The fund for IoT investment, which Indicator Capital will manage, will support up to 30 startups in Series A rounds over the next ten years, and it expects to close seven deals in 2021. Other sponsors involved in this project are Brazilian bank Banco do Brasil, TelefĂ´nica Ventures, the V.C. arm of telecoms firm Vivo, Multilaser, and Lenovo.