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CAP joins the open innovation world through an alliance with Fundación Chile

Posted on April 25, 2019

According to a study by Plusmining and the International Copper Association (ICA), the mining sector contributed in the last 20 years to 10% of Chile’s GDP and 7.8% of its fiscal revenues. Considering that this industry is an essential part of the country’s economy, the CAP Group, the main producer of iron and steel on the Pacific-American coast, through its mining division CAP Mineria, formed an alliance with Fundación Chile through its venture capital area, ChileGlobal Ventures, in order to enhance the company’s production processes, especially in its mining area.

This agreement, included in the company’s strategy of migrating towards a comprehensive technological and digital transformation, contemplates a joint effort to identify opportunities for the introduction of disruptive innovation in CAP’s facilities and processes.

The alliance was made official at CAP’s Innovation Space, with the presence of the general manager of the CAP Group, Erick Weber, the general manager of CAP Mining, Carlos Pineda, the managing director of ChileGlobal Ventures, Jamie Riggs, the CFO of ChileGlobal Ventures, Sofía Grez and the director of CAP’s Innovation Space, Pamela Urrea.

The executive director of CAP’s Innovation Space explained what they expect from this new alliance: “Thanks to the knowledge, experience and networks in the mining and technological field that Fundación Chile has, Ventures, we expect to find through ChileGlobal a partner helping, working collaboratively with the companies of the Group, to find the best solutions in different topics and areas of the mining business, such as predictive maintenance and optimisation of the processes associated with grinding, without ruling out that in the future other topics could be included.”

Jamie Riggs, director of ChileGlobal Ventures, said that “our mission is that, through venture capital, we can promote the development of our country and the region in sectors in which we are competitive. We are convinced that there is an opportunity to lead the startups’ ecosystem at an international level, something that can only be done by capturing and enhancing the innovative talent of Chile and Latin America”.