Itaú Unibanco said on 26 October 2026 that it had agreed to buy all of NeoSpace A.I. Technologies, a Brazilian developer of AI foundation models, for R$2.925bn (about US$540m).
Why Itaú Unibanco Holding S.A. is buying NeoSpace A.I. Technologies Ltda.
Itaú said NeoSpace has provided services to the bank for nearly two years, training models on Itaú's proprietary data, and that the deal supports its generative AI assistant and more specialised models across its products.
Deal terms and financing
One instalment is payable at closing and the rest is deferred over five years, subject to certain conditions. NeoSpace's management and business operations will remain autonomous from the bank and its current team will be retained.
Regulatory approvals and timing
Completion requires prior approval from Brazil's antitrust authority CADE and the Central Bank of Brazil, as well as other conditions precedent.
Market context
NeoFeed reported that NeoSpace was founded in late 2023 by Bruno Pierobon, Felipe Almeida, Gustavo Debs and Thiago Teixeira, and was valued at US$100m in an US$18m funding round led by Itaú in January 2025. Itaú bought Zup, also founded by Pierobon, Almeida and Debs, in 2019.
