What Indicator Capital does

Indicator Capital is a São Paulo-based venture capital firm that specializes in deep tech investments across Latin America, with additional operating presence in Silicon Valley. Founded in 2014 and managing over R$ 350 million in assets under management, the firm runs a lean 1-10 person team led by co-founders and general partners Derek Bittar and Thomas Bittar, with Mauro Percinoto serving as chief operations officer. Its disclosed portfolio spans industrial automation (Aimirim), fintech and blockchain infrastructure (Lumx), AI-driven corporate healthcare (Axenya), and generative AI for utilities and infrastructure (Fu2re), with portfolio companies operating across Brazil, the United States, Europe, and Asia. The firm co-leads and participates in funding rounds alongside other specialist VCs and corporate venture arms, and positions itself as a bridge for Latin American deep tech startups seeking international expansion and integration into the global IoT ecosystem.

The firm generates revenue through two standard venture capital mechanisms: management fees charged on committed capital (typically 1.5-2% annually) and equity returns realized when portfolio companies achieve liquidity events such as exits, IPOs, or secondary sales. Deal flow is sourced primarily through the firm's website, which features "Apply" and "Start!" calls to action, complemented by outbound sourcing and professional networks. The firm has invested at both seed (Lumx) and Series A (Axenya) stages, and has built institutional infrastructure including an LP login portal, a Reporting Channel, and a Compliance Channel, indicating a move toward institutional fund operations. No proprietary technology products, patents, or in-house AI capabilities are disclosed; Indicator Capital is an investment entity, not a product company.

Name

Indicator Capital

Legal name

Indicator Capital

Website

https://indicatorcapital.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Indicator Capital is a São Paulo-based venture capital firm (with a Silicon Valley presence) that manages over R$ 350 million and invests in early to growth-stage deep tech startups across Latin America, spanning industrial automation, blockchain, healthcare AI, and generative AI.

Ownership category

akta.pro rank

Product category

Venture Capital / Private Equity

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industry

Micro-PE / Lower Middle Market ETA Funds (FSANALAG)

Keywords

• Venture capital
• Deep tech investing
• Startup funding
• Growth capital
• Technology investments

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Returns: Returns on equity investments in portfolio companies through exits, IPOs, or secondary sales. The firm generates returns when portfolio companies achieve liquidity events.
2. Management Fees: Standard VC management fees charged on committed capital under management, typically 1.5-2% annually.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Indicator Capital is a venture capital firm that invests equity capital in early- to growth-stage deep tech startups across Latin America, with a focus on industrial automation, fintech/blockchain, healthcare AI, and generative AI. The firm also provides portfolio companies with strategic guidance, corporate governance support, and connections to facilitate international expansion into the global Internet of Things ecosystem. Investment opportunities are made available to qualified limited partners through fund subscription processes.

Product overview

Indicator Capital is a venture capital firm specializing in deep tech investments in Latin America. The firm does not offer a unified product platform but rather operates as an investment entity, providing capital and support to portfolio companies including Aimirim (industrial automation with flagship product Tupana), Lumx (blockchain/stablecoin payment infrastructure), Axenya (AI-driven corporate healthcare platform), and Fu2re (generative AI solutions for utilities and infrastructure).

Differentiator

Problem solved

Functional benefit

Products and services

• Indicator Capital Venture Fund

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Monashees: Brazilian venture capital firm investing in early to growth-stage technology startups across Latin America. Directly comparable as a São Paulo-based VC with multi-sector tech focus, similar fund size, and overlapping portfolio geography.
• Kaszek Ventures: Latin America's largest venture capital firm, founded by MercadoLibre founders, investing in tech startups across the region. Comparable as a LatAm-focused VC with cross-border ambitions and similar deep tech-adjacent portfolio exposure.
• Valor Capital Group: US-Brazil cross-border venture capital firm with offices in São Paulo, New York, and Silicon Valley. Directly comparable for its dual LatAm/US footprint, sector-focused thesis, and emphasis on helping portfolio companies access US markets.
• Canary: Brazilian early-stage VC firm that led Axenya's $12M Series A with Indicator participating. Directly comparable as a Brazilian early-stage tech investor with overlapping deal flow in AI/healthcare verticals.
• SP Ventures: Brazilian VC firm focused on agribusiness and food tech that co-led Aimirim's round with Indicator. Comparable as a sector-focused LatAm VC with similar fund scale and co-investment patterns.
• Bossanova Investimentos: Brazilian early-stage VC firm investing in tech startups across multiple sectors. Comparable for its São Paulo base, similar fund size, and Brazilian startup ecosystem positioning.

Regional players

• Atlantico: Latin American private equity and venture capital firm with offices across the region. Comparable as a multi-stage LatAm investor with deep tech and growth stage exposure, though operating more broadly across geographies.
• DILA Capital: Mexico-based early-stage VC investing in Latin American tech startups. Comparable for early-stage deep tech exposure, though primarily Mexico-centric rather than Brazil-focused.

Broad incumbents

• Andreessen Horowitz (a16z): US-based mega-VC with significant deep tech and AI investment focus. Comparable as a deep tech specialist at scale and a potential acquirer/co-investor for Indicator's portfolio companies seeking US capital.
• Sequoia Capital: Global venture capital firm with deep tech and AI investment programs. Comparable as a deep tech investment heavyweight and a potential lead acquirer of LatAm deep tech companies at exit.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat3 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/indicatorcap

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments44 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indicator Capital