Brazilian venture capital fund Pitanga has made its first investment. The organization has invested in I.Systems, a software company dedicated to systems automation, reports Estadão.
Pitanga is managed by Eduardo Vassimon, an executive at Itau Bank, and Fernando Reinach, a biologist with fund management experience. The two are joined by Candido Bracher, Fernão Bracher, Guilherme Leal, Luiz Seabra, Pedro Moreira Salles and Pedro Passos, investors in the Pitanga fund hailing from giant Brazilian corporations like Itau and Natura.
“We invest in small companies that propose radical innovations in technology or have business models with high potential for growth. We want to create great companies,” Reinach told Estadão. Pitanga holds a fund of US$50 million (R$100 million).
A Lengthy Search
Pitanga’s search has been nothing if not thorough. The fund reportedly analyzed over 700 companies over the past two years before arriving at I.Systems, to which it was introduced last year by Associação Campinas Startups.
I.Systems is based on the concept of fuzzy logic technology – artificial intelligence systems and software that allow for more sophisticated decisions apart from the typical binary yes or no. It has received backing from Fapesp and Finep for development.
The amount of Pitanga’s investment in I.Systems has not been revealed, though the fund will receive a small share in the company as it continues to develop its technology and bring new clients on board. It will also look to extend fuzzy logic to new industries. “It is so innovative that we still don’t know everything that’s possible with this technology,” remarked Reinach.
I.Systems currently works with Coca-Cola, Ajinomoto, Rhodia and Lanxess.