The investment extends a $200 million round that valued Simile at $2 billion.
Itaú Unibanco has invested in Simile, a US-based artificial intelligence company that builds models to simulate how people, organizations, and markets react to different scenarios. The technology allows businesses to test products and services before launching them.
The transaction was executed through Itaú Ventures and its financial terms were not disclosed. The investment is part of an extension to Simile's $200 million Series B funding round announced in July, which valued the startup at $2 billion. That round was led by Greenoaks, with participation from Index, Hanabi, Bain Capital Ventures, A*, Factory, Definition, and CVS Health Ventures.
Itaú was Simile's first customer in Latin America, collaborating with the firm from its early development stages to test applications across operations and co-create use cases.
Simile has developed an innovative approach to modeling human behavior and simulating complex scenarios, a capability with great potential to complement our artificial intelligence agenda and accelerate the development of increasingly relevant experiences, products, and services.
Founded in 2019, Itaú Ventures takes minority stakes in early-stage and growth-stage startups. The bank's proprietary fund focuses on financial services, infrastructure, cybersecurity, and applied artificial intelligence, primarily across Brazil and Latin America.
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