Brazilian steelmaker Companhia Siderurgica Nacional (CSN) launched a fund to invest in startups, a media report from Valor said.
The CSN Inova Ventures fund will invest BRL 30 million ($5.6 million) in startups over the next three years.
According to the fund’s manager Felipe Steinbruch, son of CSN CEO Benjamin Steinbruch, the CSN-owned fund will invest in companies that are able to promote large scale impact technologies, as well as products and services that have synergy with the CSN-run companies.
CSN seeks to invest in innovative companies in the mining, steelmaking and logistics segments developing new materials, 3D printing, waste management and artificial intelligence solutions.
Despite the recent Covid-19 crisis, the fund should continue seeking companies to invest.