Venezuela coach Noel Sanvicente claimed his team did not deserve to lose to Brazil, while he blamed Fernando Amorebieta's red card against Peru for their elimination.
Goals from Thiago Silva and Roberto Firmino helped Brazil to a two-goal lead before Miku pulled one back for Venezuela in the closing stages of Sunday's encounter, but Sanvicente's men were unable to restore parity and consequently finished last in Group C.
The 50-year-old coach was particularly frustrated with his term's defending in the lead-up to Silva's ninth-minute opener from a corner.
"We were convinced that we could make it to the knockout stages and I am sad we did not make it," Sanvicente said at the post-match press conference.
"The team should remain calm, though, and keep following the same path. The road is still long.
"We are going out with the feeling that we could have got a draw. We lost focus after a corner and that cost us. We are sad that we went out."
Sanvicente then went on to praise his side's progress at the Copa America and feels Amorebieta's expulsion in the 1-0 loss to Peru was their undoing.
Venezuela had started the tournament with a 1-0 win over Colombia but after losing to Peru needed at least a draw with Brazil to reach the quarter-finals in Chile.
"The team got better game after game. We gave a good account of ourselves in all three games. We showed some good football," Sanvicente said.
"The red card in the match against Peru really hurt us."
