FINEP and BNDES Select AI Fund Management Team

Key Takeaways

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The Brazilian government has launched a public call for an Investment Fund Manager specializing in Artificial Intelligence to increase the number, revenue, and global presence of AI-focused startups in Brazil.
The selected fund manager will focus on AI-intensive startups where AI is central to their business model and value generation, rather than a supplementary tool.
To attract diverse investment, the commitment from each anchor investor is limited to a 25% stake in the fund, with BNDES committing up to R$125 million and FINEP up to R$80 million.
The initiative aligns with both the Brazilian Plan for Artificial Intelligence (PBIA) and the New Brazil Industry (NIB), aiming to establish Brazil as a global leader in AI innovation and application, particularly in key sectors like health, energy transition, bioeconomy, and govtech.

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The Brazilian government, through FINEP and the National Development Bank for Economic and Social Development (BNDES), has launched a public call for proposals to select an Investment Fund Manager (FIP) specializing in Artificial Intelligence. The application period closes on April 9, 2026. This initiative, which aims to increase the number, revenue, and global presence of Brazilian AI-focused startups, aligns with both the Brazilian Plan for Artificial Intelligence (PBIA) and the New Brazil Industry (NIB). The selected FIP will target AI-intensive startups where AI is central to their business model and value generation, rather than serving merely as a supplementary tool. Proposals will be assessed based on the manager’s qualifications, team, the fund’s investment thesis, and anticipated costs. To attract diverse investment, the commitment from each anchor investor is limited to a 25% stake in the fund. BNDES, via its wholly-owned subsidiary BNDESPAR, will commit up to R$125 million, while FINEP, through the National Fund for Scientific and Technological Development (FCT), can commit up to R$80 million. FINEP will allocate 30% of its total investment to startups located in the North, Northeast, and Central-West regions.

Luiz Antonio Elias, President of FINEP, stated that this VCI aims to foster AI solutions that promote research, development, and innovation, leading to a significant improvement in the population’s quality of life. Aloizio Mercadante, President of BNDES, added that the fund is a crucial tool for providing long-term capital to startups, which often struggle to attract investment. It will also offer governance and tracking capabilities suitable for projects based on intangible assets, high technological risks, and strong scalability potential. Mercadante emphasized that this fund will help provide long-term capital to startups. Elias affirmed this VCI helps to fulfill the objectives of Brazil’s National Artificial Intelligence Plan (PBIA) and Nova Industria Brasil (NIB), establishing Brazil as a global leader in AI innovation and application. The Brazilian startup ecosystem is extensive, and studies suggest AI is attracting significant investment; projections estimate that 39% of capital invested in Brazilian startups will go to companies applying AI by 2025.

Boosting Brazilian Startups with Strategic Investment in Key Sectors by FINEP and BNDES

FINEP and FNDC actively support investment in innovative companies with high-growth potential through seed capital and venture capital funds. In recent years, they have increased FIP calls in strategic sectors like health, energy transition, bioeconomy, and govtech, and expanded resources for supporting startups in the Northeast region. These commitments are intended to leverage third-party capital, acting as a crucial driver for investment in Brazilian innovative companies. BNDES is a major institutional investor in seed capital and venture capital funds, with R$1.83 billion committed. Each R$1 from BNDES leverages another R$1.83 of third-party capital, totaling R$3.35 billion committed across 21 active FIPs (seven seed capital funds and 14 venture capital funds), resulting in investments in over 210 micro, small, and medium-sized enterprises (MPEs). These companies traditionally face greater challenges in securing capital. [Link: http://www.finep.gov.br/noticias/todas-noticias/7142-finep-e-bndes-lancam-edital-para-selecionar-gestor-de-fundo-de-ia]

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