Does IA have borders in LATAM?
This week's edutech initiatives and blockchain investments. Is the stage being set for LATAM as a global technology hub?
The latest news and trends in the Latin American AI startup scene.
Share your stories to ai@contxto.com.
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Latin American industries with the most investment in AI
As the world rushes towards Artificial Intelligence (AI), Latin America has joined this technological revolution, experiencing increased investment and adoption of AI-based solutions.
In the region, various industries show a growing enthusiasm for harnessing the potential of this innovative digital tool.
According to data from the OECD's AI Policy Observatory, in 2022, financial and insurance services were the primary recipients of venture capital investment in AI in three of the seven Latin American countries included in the chart. (Real Estate)
Quick News
Amazon invests USD$250,000 in Kigüi to reduce food waste. Kigüi has captured Amazon’s interest, leading to a USD$250,000 investment in the AWS Impact Accelerator for Latino Founders program. Kigüi’s initiative focuses on reducing food waste in supermarkets through a free app that enables consumers to save up to 60% on products approaching their expiration date. (Contxto)
Edutech Le Wagon to grant 100 scholarships to support female inclusion in the tech sector. Le Wagon, a renowned school for intensive programming and data science boot camps, is committed to promoting female inclusion in the technology sector in Mexico. In partnership with the Inter-American Development Bank and Quotanda, it will award 100 scholarships to Mexican women or residents in the country. This initiative, known as the Income Share Agreement (ISA), aims to bring women closer to the tech industry by providing them with the necessary technical tools to enhance their profiles and start paying for the boot camp once they secure employment. (Contxto)
Chilean startup builds innovative human Chat Business. Humanizing communications and delivering greater confidence to customers is the challenge of the Chilean startup Close-Up, which aims to achieve thanks to a unique platform worldwide. Human Business Chat, which joins EY's Business Seed, will allow small and medium-sized companies to access a tool for comprehensively managing digital messaging conversations, providing an efficient and empathetic solution to the concerns of their customers. (América Retail)
Announcement of investments in El Salvador for startups linked to Web 3, blockchain, and fintech, among others. The global firm has planned to invest up to USD 3.5 million in startups to boost the development of up to 30 emerging companies engaged in various technological areas. These startups will be selected through a general call, and priority will be given to those focused on solving specific problems. The firm believes that the country has the potential to become a technology hub in the region, and this initial investment could open the door to future expansion into other countries. (Cointelegraph)
Is LATAM becoming a global technology hub? According to the LAVCA report, in 2022, Latin America experienced foreign investment of USD $ 4.6 trillion, with Mexico, Colombia, and Brazil being some of the countries that benefited the most. According to the same report, Latin countries are currently a long-term investment opportunity at the technology level; thanks to their diverse natural resources and young population, investments are expected to increase during 2023 and the coming years. (14Ymedio)
Many VCs and LPs will lose their money chasing what they think are AI companies. There is a rise in companies creating a pretty UI on top of Lang Chain and getting funding. Jasper AI was a recent victim, and there will be more particularly around content creation as the major software companies build features that eat these products. The employment implosion of these companies will also have a significant negative impact. (Learie Hercules)
The Canary Islands launched its soft landing program for Latin American startups. The Canary Islands Government's internationalization agency, Proexca, announced this week the launch of Canarias Latam Tech, its new program aimed at facilitating the entry of high-growth technology startups from Latin America into the Spanish and European markets. During five days of work, the selected startups will travel to the Canary Islands to get first-hand information on expanding their business in the old continent. (Proexca)
Not all early-stage AI startups are created equal. The AI sector has gotten hotter over the last year. But unlike many past venture fads — like crypto or web3 — the AI sector had several prominent startups and legacy players active when the market started to foam. There have been AI exits and even whiffs of potential government regulation. This dynamic makes it a much more complex ecosystem for founders and investors alike — especially considering many weren't paying attention to AI even a year ago. (TechCrunch)
The Role of Augmented Analytics in Driving Technological Innovation in Latin America. The adoption of augmented analytics in Latin America is being fueled by the region’s digital transformation journey. As businesses and governments increasingly embrace digital technologies, the volume of data generated is growing exponentially. This data deluge presents both a challenge and an opportunity. On one hand, it can be overwhelming to manage and analyze this data manually. On the other hand, it offers a wealth of insights that can drive innovation and growth. This is where augmented analytics comes into play, providing a powerful tool to harness the potential of this data. (Fagen Wasanni Technologies)
Cyble Secures $24M in Series B Funding to Further Advance its AI-Powered Threat Intelligence Solutions. Cyble, the fastest-growing threat intelligence provider that blends cybersecurity and artificial intelligence to develop state-of-the-art threat intelligence solutions, announced a $24 million injection of capital through Series B funding. Cyble has been steadily gaining recognition as the favored solution for Dark Web and Threat Intelligence among cybersecurity specialists, solidifying its position as the champion of a secure digital future with advanced AI technologies. In just one year, the company has seen its team double in size, its customer base nearly quadruple, and its presence expand to the Middle East, Europe and Latin America. (Cision PR Newswire)
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Food for Thought
Bcapital Day July - Marketing Strategies with AI for Startups
Luis Ignacio Cortés, co-founder of Bcombinator, investor, and mentor of AI startups, will explain and show the latest trends in AI applied to marketing and sales for startups. (Bcombinator)
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