Brazilian lender Itau announces $589 million NeoSpace acquisition to boost AI
Business
Brazilian lender Itau just announced it's acquiring AI startup NeoSpace for about $589 million (paid partly now and the rest over five years).
The deal still needs regulatory sign-off, but it's a big move as Itau looks to level up its artificial intelligence game.
Itaú formalizes Neospace collaboration
Itau and NeoSpace have already worked together for nearly two years, with NeoSpace specializing in large AI models.
By making this partnership official, Itau wants to enhance its artificial intelligence capabilities and demonstrate its commitment to advancing its technological prowess.