Indicator Capital
Avenida Nove de Julho, 5109, 7º andar, São Paulo, 01407-200, Brazil
Overview
Founded in 2014, Indicator Capital is a Brazilian venture capital firm operating in Sao Paulo and the Silicon Valley. The partnership formed by Derek Lundgren Bittar, Fabio Iunis de Paula, and Thomas Lundgren Bittar, promotes the convergence between the dream of the entrepreneur and the financial return for the investor, tropicalizing American best practices to national startups. With more than R$ 270MM under management, Indicator Capital is the largest early-stage venture capital firm in Latin America specialized in Internet of Things (IoT). In their investments, the partners apply value-adding, proprietary methodology Building Value Together®, besides acting as Investors for Good, a concept reinforced by the firm`s certification as a B System™ company.
- Total investments
- 15
- Lead investments
- 12
- Investments · 12mo
- 3
- Active investors
- 5
Sector focus
- Venture Capital
Investment portfolio
- Aimirim
Led · Seed · May 2026
Founded in 2016 in Uberlândia, Aimirim develops industrial digitalization solutions delivered via its proprietary Tupana platform, offering real-time automation, digital twins, IoT sensor management and industrial data analytics. Its platform provides predictive control and AI on the factory floor across sectors including agronegócio, mining and cellulose. Aimirim counts clients such as Raízen, British American Tobacco, Mondelez and Agropalma and reports concrete outcomes like R$1 million saved per harvest for Raízen and elimination of 65 tonnes of CO₂ per year for BAT. The company says it has been EBITDA-positive and generates revenue in dollars, though it has not disclosed exact figures. Aimirim plans to use the new capital to triple its customer base, hire sales and commercial teams, and invest R$5 million to build a proprietary PLC expected by year-end. The team includes cofounders Renato Pacheco Silva (CEO), Felipe Adriano Gonçalves (CTO) and Camila Borges (operations director).
- Doji
Led · Series A · Nov 2025
Doji provides retailers and, potentially, mobile network operators with a white-label platform that lets customers trade in used smartphones at competitive prices determined by proprietary AI and a real-time bidding mechanism. The system automates device inspection, pricing and fraud detection, having been trained on data from more than 50,000 phones already processed since the company entered the Brazilian market in the second half of 2023. By streamlining complex logistics and payments, Doji enables partners to run customized trade-in programs that boost customer purchasing power while supporting circular-economy goals. The company targets a market in which only 10 % of used phones are currently resold, yet is projected to reach US$130 billion globally by 2030. Recent funding will expand sales and product teams, enhance the online trade-in feature, fuel R&D for new functionality, and strengthen logistics as the startup moves toward breakeven. Founder and CEO Fernando Montera Filho previously led Becommerce and Hubster to successful exits, providing seasoned leadership for Doji's growth.
- Axenya
Led · Series A · Aug 2025
Axenya builds an integrated corporate-health orchestration platform anchored by two core products: LifeVault, an interoperable data lake that consolidates clinical, operational and administrative data; and Axenya IQ, a predictive AI/GenAI engine that anticipates risks, suggests interventions and optimizes care journeys. The company emphasizes end-to-end integration across employers, employees, insurers and providers rather than acting as a traditional broker. Reported client outcomes include medical inflation up to 50% below the market average, loss ratios 1,500 basis points lower than the national average, a 22% year‑over‑year reduction in total healthcare costs, a 40% drop in expenses for high‑risk patients and a 50% lower cost per procedure or consultation alongside a 13% increase in appointment volume. Founded in 2020 and based in São Paulo, Axenya plans to use new capital to accelerate commercial expansion and advance its technology roadmap, with particular focus on AI, data interoperability and connected biomarkers. The company has previously raised US$6.8 million in earlier rounds.
- Fu2re
Participated · Equity · Aug 2025
Fu2re develops AI and computer-vision solutions for monitoring physical assets, combining advanced architectures and edge intelligence for high-accuracy, scalable deployments. Its technology is widely applied in the energy sector for digitizing asset monitoring routines, automated meter readings, inventory optimization, and fraud detection, yielding reduced operational losses and measurable productivity gains. The company offers a no-code platform with pre-trained models and integrations with enterprise systems to speed implementation and onboarding. Fu2re's solutions are already deployed at scale within major companies; the startup was the first Latin American participant in NVIDIA's Inception Program and represented Brazil at GTC 2021. The company is led by partners Thiago Cazes, André Sih, and Rodrigo Ferreira. In August 2025 Fu2re raised BRL 12.5 million to support product scaling, including SmartVision AI, expansion into agribusiness and industry, and international growth.
- CTA Smart
Led · Equity · Jul 2024
CTA Smart builds intelligent fleet-fueling systems delivered as a SaaS platform, offering remote installation and real-time cloud-based fuel management. The platform is designed to reduce waste and deviations, lower operational costs, and improve productivity, profitability and competitiveness for fleets across industries. CTA Smart's international brand, Link2Pump, serves customers in seven countries and has grown over 100% annually for two years. The technology is active in more than 40 U.S. states and the company manages over 2.5 billion liters of diesel annually. Founded in 2012 and led by CEO Bruno Lopes, CTA Smart plans to use the US$3M funding to expand into the American market and pursue further global growth.