Intel Capital, the investment arm of Intel Corporation, has created a $50 million venture capital fund to promote technology growth in Brazil. Intel says this is in recognition of Brazil’s position as South America’s largest economy and its increasing importance as a technology leader.
“Intel Capital’s investments will help stimulate technological innovation and growth of Brazil’s rapidly developing entrepreneurial community,” said Intel Corporation CEO Paul Otellini, speaking from Brazil where he met with industry and government leaders.
The fund will be used to invest in companies that can benefit from the rapid growth of technology in Brazil, and provide local businesses with capital to help nurture important technologies and products developed for local use. Examples include hardware, services (broadband infrastructure and mobile wireless solutions using WiMAX technology, among others), local content developers and providers, digital health solutions, IT service providers and software solutions.
“Intel Capital is a global investor and we recognise the importance of Brazil as an emerging market leader,” said Arvind Sodhani, president of Intel Capital. “Intel Capital plays a critical role in Intel’s wide-ranging efforts to stimulate technological innovation in the countries where we invest. We anticipate that the establishment of the Brazil fund will inspire even more innovative business models among Brazilian entrepreneurs, and stimulate greater distribution of technology to the people of Brazil.”
Intel Capital has been a leading venture capital investor in Brazil since 1999, investing over US$35 million in 13 companies. In 2005, Intel Capital announced four local investments in Digitron, TelecomNet, Certsign and Neovia.