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Qualcomm and BNDES invest $ 80 million in Internet of Things

THE Qualcomm it's the National Bank for Economic and Social Development (BNDES) announced the establishment of an investment fund to encourage the development of the Internet of Things at the Brazil. In total, both organizations plan to put 50% of the fund's total money, which aims to propel startups into early stage A-series or seed capital financing.

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This is the first time in years that Qualcomm has won a current Apple CPU.

The creation of this fund is in line with Qualcomm's strategic vision to boost the Internet of Things ecosystem in Brazil. We want to engage with leading companies in different verticals to exploit the country's potential as a technology producer. In addition to the financial contribution, we will also contribute with our expertise in IoT, after all we are developing technologies in this field for at least a decade, complements the executive. "Rafael Steinhauser, Qualcomm President for Latin America

In total, the fund is expected to have $ 160 million to invest in stimulating the Internet of Things market. Of this money, R $ 80 million will be provided by Qualcomm Ventures and BNDES. To top up the remainder of the money, organizations will invite other investors to join the fund.

Source: Wikimedia Commons

The launch of the fund comes at a good time to resume economic growth and contribute to the development of startups and IoT ecosystem. Funds like these are innovative tools to foster entrepreneurship in Brazil, especially in riskier sectors such as technology.Gustavo Montezano, President of BNDES

The investment fund will be managed by a professional manager, who will be chosen in a selection notice. This notice can be found on the BNDES website. Interested managers can submit their proposals to the federal public company by February 7, 2020.

The federal government instituted the National Internet of Things Plan in 2019 to improve the regulatory environment, boost new business and improve people's quality of life. To achieve these goals and Brazilian companies continue to transform the global market with sophisticated technologies and business models, the availability of fundamental venture capital. "Paulo Alvim, Secretary of Entrepreneurship and Innovation of SEMPI / MCTIC

(tagsToTranslate) qualcomm (t) bndes (t) internet of things (t) investment (t) qualcomm ventures (t) trend (t) technology (t) internet (t) Brazilian startups (t) national development bank (t ) economic and social