Substrate Artificial Intelligence said it has acquired a software development and digital transformation consultancy that operates in Spain, the UK and Latin America for €6 million in shares.
A 70% stake has been bought in Binit, according to a statement from the Spanish AI company, which is listed on Madrid's BME Growth, London's Aquis and the OTC in the US.
This is in line with Substrate AI's business model of operating as part incubator, part fund and part holding company of companies that sell, apply and develop AI in different sectors.
The addition of Binit, which has more than 100 employees, "increases the capabilities and talent" of the group as it focuses on development and technical support for its other investee companies and their clients.
Binit, according to its website, specialises in several industries, including agritech, retail, healthcare, edtech, logistics and e-government, boasting contracts with Holcim, John Deere and the Buenos Aires city government.
"The Binit team will complement the Substrate AI development team, increasing the group's possibilities in all areas of development and enhancing its products in the area of fintech, agritech, HR, or health at a time when the requirements in these areas for both development and technical service are increasing," it said.
Substrate AI's portfolio of subsidiaries and investees develop and sell AI solutions in sectors ranging across healthcare, agritech, fintech, HR, energy and legaltech, as well as offering consulting services for other companies that want to implement AI solutions in their day-to-day work.