Grupo Werthein invests $40 million into new generative AI company

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By Rafael Escalera Montoto

(Reuters) -Argentina-based investment group Grupo Werthein launched Illumia, a humanized generative AI service, with an initial investment of $40 million, the company said on Wednesday.

WHY IT’S IMPORTANT

The investment represents an advancement in AI technology, particularly in enhancing personalized interactions between businesses and their customers.

The firm will use a combination of AI tools and expertise from existing companies to provide solutions for sales, customer support and other interactions.

KEY QUOTES

“We aim to use generative artificial intelligence with digital assistants that can converse the same way humans can,” Daniel Figueirido, chief executive of Illumia, told Reuters.

“The key to the kingdom with this kind of investment is how do I combine each of these different platforms and technologies,” he added.

BY THE NUMBERS

A recent Reuters study found that 56% of Latin American respondents are excited about the technology, though 50% of them have privacy and confidentiality concerns.

WHAT’S NEXT

Illumia has provided services to Worthein-controlled firms in Latin America and some third-party clients, said Figueirido, though he envisions Illumia expanding beyond its existing footprint in the region.

Grupo Werthein is a Latin American holdings company with a portfolio that spans technology, media, entertainment, and other industries. The portfolio includes DirectTV Latin America and Sky Brazil.

(Reporting by Rafael Escalera Montoto; Editing by Natalia Siniawski and Leslie Adler)