The Chilean company DataScope, a startup that offers mobile solutions to optimize data collection and time in Latin American companies, has been selected by Google to participate in the Fund for Latin Founders, which will allow it to receive an investment of US$150,000.

In addition to the cash investment, the company will also receive up to US$350,000 in Google Cloud credits and access to Google’s mentorship program. The startup has over 400 clients in 17 countries, including Mexico, Brazil, the United States, and Colombia.

This investment from Google will enable them to continue innovating and developing artificial intelligence-based solutions to transform business operations in the region.

The Fund for Latin Founders was created by Google in 2021 to support Latin entrepreneurs in the United States, and DataScope has been recognized for its focus on empowering mobile technology and improving business processes.

It is expected that the IT services market in Latin America will grow from US$33.68 billion in 2020 to 2025, with a CAGR of 6.61%, according to a study by Technavio. Grupo CINTE predicts that 40% of the top 5,000 companies in Latin America will have an architecture to drive data engineering based on machine learning, reduce data risks, and drive innovation in 2023.

Most sought-after technologies in the industry
Most sought-after technologies in the industry. (Source: Herline).

For the following year, it is expected that 1/3 of these companies will form data sharing partnerships with external stakeholders through data clean rooms to increase interdependence and safeguard data privacy and valuable data assets.

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Why is it relevant for venture capitalists in the region?

  • High-demand technology services in the industry have significant growth potential due to the increasing adoption of technology in businesses. Venture capitalists would contribute to capitalizing on an expanding market and offer higher returns.
  • The sector’s predictions are encouraging; however, it is essential to evaluate the long-term prospects and the sustainability of market demand.

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With information from: Data Scope