Brazil’s Itaú Unibanco to Acquire AI Startup NeoSpace for $589M
aiinsider ·
Brazilian financial giant Itaú Unibanco has agreed to acquire AI startup NeoSpace for approximately $589 million, or BRL 2.93 billion. This strategic move aims to expand the bank's in-house artificial intelligence capabilities following a nearly two-year collaboration between the two entities. NeoSpace specializes in developing foundation models trained on Itaú’s proprietary data, which have already been utilized for credit analysis, fraud prevention, and customer relationship management. The acquisition will enable Itaú to integrate these specialized models into its broader product suite, including its generative AI assistant, ia.i. Despite the purchase, NeoSpace will continue to operate autonomously with its existing management team retained. The transaction is subject to regulatory approvals from Brazil’s antitrust authority, CADE, and the Central Bank of Brazil. Payment terms involve an initial installment at closing, with the remainder distributed over five years under specific conditions.
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