Back
Institutional
PRIO announces fund of R$ 120 million to invest in startups
PRIO launched its Corporate Venture Capital (CVC) initiative, PRIO Ventures, this week. Its objective will be to invest in startups that increase PRIO’s operational efficiency with innovative technologies applicable to the business with chances of scalability. The fund will total R$ 120 million and was first announced on stage at one of the world’s largest technology and innovation events, Web Summit Rio, and then at an event held at the company’s headquarters.
“We understand that PRIO is at a favorable moment to encourage the creation of new technologies, supporting our partners on this journey. Fostering innovation has always been part of our strategy and we are currently taking an important step on this journey by seeking out startups that have the potential to transform the
oil and gas industry,” says Bruno Menezes, the company’s Chief New Business Officer.
The fund will focus on investments in the oil and gas industry, mainly on production development, operations and subsea fronts, as well as focusing on sustainability and digital transformation pillars. Initiatives aimed at ensuring flow, advanced recovery, predictive maintenance, logistics optimization, energy efficiency, artificial intelligence, equipment monitoring and maintenance systems are some examples of the possibilities for action.
The Brazilian fund will have as its sole investor the Rio de Janeiro oil and gas company, which will be ten years old in 2025, and will be managed by Citrino Ventures, the venture capital arm of Citrino Gestão, which specializes in asset and wealth management.