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Itaú to Buy AI Startup NeoSpace for About $589 Million

Itaú Unibanco is buying AI startup NeoSpace for $589 million to bring artificial intelligence capabilities and talent in-house.

1 min read
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Brazilian bank Itaú Unibanco agreed to acquire AI startup NeoSpace for about $589 million. The transaction gives the bank direct ownership of artificial intelligence capabilities and the team behind them.

The move points to a shift among financial institutions toward building and controlling strategic AI functions in-house, rather than depending solely on outside vendors for those tools and skills.

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