ArcelorMittal Brazil’s innovation fund makes its first investment

Tuesday, 31 August 2021 19:13:17 (GMT+3)   |   Sao Paulo

ArcelorMittal Brazil’s innovation fund, Açolab Ventures, made its first investment, the company said on Tuesday. As reported by SteelOrbis, the company launched a $19.5 million (BRL 100 million) investment fund to aid innovation startups.

Açolab made an undisclosed investment in Aval Tecnologia, which is currently developing a civil construction management platform, known as Agilean. ArcelorMittal Brazil said the Agilean software serves the steelmaking, mining, civil construction, industry, logistics and distribution segments.

ArcelorMittal Brazil said it will use the Açolab fund to invest in businesses in Brazil and across Latin America. ArcelorMittal Brazil said it also appointed Valetec as the fund’s manager. Valetec specializes in corporate venture capital (CVC).

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