Brazilian development bank BNDES has approved 12.9mn reais (US$7.68mn) in financing for the Belo Horizonte-based CSEM Brasil innovation center, the financial institution said in a statement.
CSEM will use the funds, directed through BNDES technology fund Funtec, to develop technological systems for monitoring agriculture and equip a research lab focused on nanotechnology, microsystems and sensory devices for the automobile and aerospace industries. The investment package also includes technology adoption and training programs.
According to BNDES, the systems will reduce agricultural production costs and increase land productivity, and also limit the environmental impact stemming from fertilizers and pesticides.
CSEM Brasil, a privately directed nonprofit organization, was launched in 2006 with guidance from Swiss electronics and microtechnology organization Centre Suisse d'Eletronique et de Microtechnique. CSEM Brasil's stated goal is to promote exchange between the market and the scientific community.