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The top companies will only get $15,000 USD in funding, but they will also receive mentorship during their stay in Mexico City.

"It is difficult to see a domain where it couldn’t be applied nowadays," said Waldemar López of UruIT about the future of machine learning adoption.

Other leading partners include Deutsche Bank, Credit Suisse, Deloitte, MUFG, USAA, and Banco do Brasil

"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.