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.