Fabio Iunis de Paula lives in Silicon Valley with his family while investing in Brazilian IoT companies, looking specifically for startups that have passed about $30K in monthly recurring revenue and can grow more than 2x a year, and he thinks of IoT as a full system of devices, sensors, connectivity, cloud, software, and security rather than just hardware. His path also stands out personally: he worked his way through an electronic engineering degree and later a Chicago Booth MBA with limited family financial support, studying English on lunch breaks and preparing for the GMAT at night, and he has since completed several long-distance adventure races and finished all Six World Marathon Majors in 2025.
About their Fund
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AI, Deeptech / Hardware, Food & Ag, Health, Transportation
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Notable Investments
Indicator Capital is the largest fund in Latin America focused on IoT, investing across infrastructure, hardware, software, AI, and connectivity for Brazilian deep-tech startups, and it operates from both São Paulo and Silicon Valley to help these companies expand into the US market. It also stands out for its backers—including BNDES, Qualcomm Ventures, and companies like Lenovo, Motorola, Telefónica, Banco do Brasil, and Multilaser—and for investing in harder, real-world technology areas like industrial AI, edge AI for utility infrastructure, and blockchain for environmental asset management, rather than sticking to typical app-based startups.
Notable Fund
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Popular Investors
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Deeptech / Hardware
Robotics
Biotech
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12
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Unknown
Pre-Seed - Seed
Unknown
$400K - $2M
Unknown
Defense
Deeptech / Hardware
Energy
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7
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Unknown
Pre-Seed - Series A
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Defense
Deeptech / Hardware
Energy
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7
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Unknown
Pre-Seed - Series A
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$100K - $5M
Unknown
Biotech
Health
Deeptech / Hardware
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2
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Unknown
Pre-Seed - Seed
Unknown
$250K - $2M
Unknown
Climate
Deeptech / Hardware
Materials
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4
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Unknown
Pre-Seed - Seed
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$400K - $1.5M
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Deeptech / Hardware
Robotics
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7
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Unknown
Pre-Seed - Seed
Unknown
$400K - $2M
Unknown
Deeptech / Hardware
Robotics
Biotech
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2
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Unknown
Pre-Seed - Seed
Unknown
~$750K
Unknown
Fintech
Deeptech / Hardware
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2
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Unknown
Pre-Seed - Series A
Unknown
$250K-$1M
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