ARTFICIAL INTELLIGENCE

Brazil's Itau agrees to buy AI startup NeoSpace for $589 million

In a significant move to enhance its artificial intelligence capabilities, Brazilian lender Itau has agreed to acquire NeoSpace AI for 2.925 billion reals. This investment will be structured with an initial payment followed by a deferred balance over a period of five years. The partnership, which has lasted nearly two years, is still pending regulatory approval and other standard closing conditions, highlighting Itau's commitment to advancing its technological prowess.