US-based technology company Cisco Systems is reportedly set to deploy $547m in Brazil based research and development, including opening a venture fund for the region.
The company is building an innovation and technology centre in Rio de Janeiro, Portuguese language news provider Estadao reported, as translated by Brazilian Bubble.
The news follows former Cisco corporate development executive Yann de Vries setting up Redpoint eVentures, a fund backed by eVenture Capital Partners, backed by Germany-based retailer Otto Group, and venture firm Redpoint Ventures,