Citibeats and Avançsa Strengthen AI Technology for Good in EMEA, LATAM, and the US

Citibeats and Avançsa have closed an investment round of €0,5M to support Citibeats’ mission as a social understanding solution developer and bring AI for good to the next level.

 

A Mine of Data

According to recent studies, 90% of the world’s data has been generated just in the last two years, with a progression of 2.5 quintillion data generated every day. This amount of data, though, is not always representative of the whole population. Decision-makers need technology that helps them get a clear, comprehensive, and accurate description of this abundance of information spontaneously created by people. Discovering untapped potential in data and transforming it into actionable insights is essential for understanding the constantly evolving opinions and necessities of citizens.

 

Reducing Bias for an Inclusive and Representative Analysis of Reality

Citibeats offers its customers solutions that deliver an inclusive and representative analysis of reality, reducing gender-based bias and calibrating the results of the research.

Citibeats’ technology, for example, has powered the Inter-American Bank Development CivicLytics observatory and the Amazon bioeconomic project. In collaboration with the World Health Organization (WHO), Citibeats also powers the EARS project to monitor and fight the infodemia around COVID-19, with more than 48M opinions analyzed since its inception in December 2020.

The above-mentioned use cases are just some examples of how Citibeats’ technology helps organizations understand people’s opinions and concerns to act fast and answer specific needs relying on representative models.

“The investment agreement with Avançsa comes at the right time to support the strategic growth of the company and the business plan we have outlined for 2022. Also, it recognizes our efforts to promote a new human-centered approach in introducing AI in the decision-making process. In 2021, Citibeats was one of the first four technological companies to implement the self-assessment tool promoted by fAIr LAC and IDB Lab confirming our strong and firm belief that ethics plays and will play a central role in technology and in particular in AI development. We believe that to have a fair society, we first need to create the conditions for guaranteeing proper social and technological development that benefits all citizens. AI has the potential to make the decision-making process more transparent and democratic. But to achieve that, we need to maintain a steady course and be vigilant against perils such as bias and discrimination.”

Ivan Caballero, CEO at Citibeats

 

About Citibeats

Citibeats is a technology company with an ethical and social focus that develops AI solutions to detect changes in society earlier than any other traditional survey method or the media. 

Citibeats’ algorithms analyze large amounts of unstructured text data and other types of files where text can be extracted to identify social trends, opinions, and concerns in real time. All this information represents precious actionable insights for governments, multilateral organizations, and private companies to act upon and improve citizens’ lives.

Our clients and partners include governments, multilateral agencies, and private companies, including Twitter, Facebook, UNDP, IDB, ITU, NTT Data, WHO, and UNESCO.

 

About Avançsa

The Empresa de Promoció i Localització Industrial de Catalunya, SA (AVANÇSA) is a commercial company, wholly owned by the Generalitat de Catalunya, integrated into the current Department of Business and Labor. AVANÇSA is an organization that promotes synergies between the public and private environments to support the industry by strengthening the country's business fabric. With the Innova Creixement financing program, it invests in Catalan companies with high added value to promote the transformation of the business model of Catalan companies in sectors such as those related to the Blockchain, Artificial Intelligence, Machine Learning, Internet of Things (IoT), 5G, and health.

Read the press release in Catalan.

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