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"The conversational AI space is exploding," says Alex Terry, CEO of Conversica.

The Spanish firm operates a software system that provide 24/7 customer support through messaging services such as Whatsapp.

The selected startups will get the opportunity to attend the World Economic Forum on Latin America in March in São Paulo.

“We want AI to be a new source of high-quality jobs and income for our people," said Elkin Echeverri, director of planning and prospective at Ruta N.

"We want everyone to discover the possibilities of artificial intelligence," said Juan Camilo Nates, ambassador for Bogotá AI.

"Fintech investments are on the rise in Latin America, growing 31%, in terms of dollars, and 81%, in terms of deal count, in 2016."

The company plans to use the incoming capital to scale up its tech platform, embrace machine learning, and expand in Latin America.

Over the past decade, the cloud has moved from something that was something of a novelty to an essential business service. Before, what was seen as a tech-world phenomenon that some companies found use for is now simply a part of the everyday fabric of operations. Amazon Web...

ePayco, RapiCredit, ESCALA Educación will compete against their regional peers for $75,000 USD in startup funding.

“Medellín has stood out as a pacesetter, not only in Colombia but in Latin America," said Natalia Martínez-Kalínina of the Cambridge Innovation Center.