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Citibeats Raises a Bridge Round of €2M From International Investors

Citibeats team sitting in office for group photo

Citibeats is proud to announce the closing of €2 million ($2,376,960.00) investment from international investors.

The investment mainly comes from:

  • IDB Lab: The innovation laboratory of the Inter-American Development Bank, the leading source of financing for improving lives in Latin America and the Caribbean
  • Corporacion Andina de Fomento (CAF) – Banco de Desarrollo de América Latina: A development bank with the mission of stimulating sustainable development and regional integration by financing projects in the public and private sectors in Latin America and providing technical cooperation and other specialized services
  • Estinvest: The venture capital arm for a recently introduced family office of a respected Spanish family with industrial origins
  • Previsora General Mutualidad de Previsión Social: An insurance company created in 1989 specializing in personal coverage and insurance solutions for companies, self-employed professionals, and families

Additionally, Citibeats received a follow-on investment from Everis Fitalent, the investment fund of Everis Group, an NTT DATA Company dedicated to consulting and outsourcing in all sectors with a turnover of €1.43 billion in the last financial year.

“The new round of investments represents a great opportunity for Citibeats. Thanks to the support of our investors—which include multilateral banks and industry leaders with extensive experience in the US and LATAM markets—we will be able to bring forward our mission and become a reference as a social understanding solution developer. The successful use cases we’ve worked on during these years are a confirmation of how reliable, transparent, and precise our proprietary NLP and ML technology is. Our platform can guarantee to deliver huge quantities of data of great quality, in real time. These investments will support our expansion across LATAM and the US and consolidate our presence in APAC and EMEA.”

IVAN CABALLERO, CEO OF CITIBEATS

Understand How Society Changes in Real Time

The Citibeats platform allows clients to detect changes in society earlier than traditional survey methods or the media. “Changes” can be interpreted as potential risks but also as opportunities for governments, authorities, and private companies to act for a positive social impact.

Our technology detects and analyzes complex and constantly evolving narratives about multifaceted topics. The complexity of the narratives is determined by the volume of data, related subtopics, and citizens’ opinions, feelings, and ideas.

“I have always remained steady in my approach to work and life: my commitment to values like integration, diversity, sustainability, kindness, and compassion. When we founded Citibeats, we had in mind to create something that would bring together technology and innovation in full respect of those values. Citibeats is a perfect example of how we can bring humanity back to the center of economic, political, and social decision-making.”

IVAN CABALLERO, CEO OF CITIBEATS

What Makes AI Ethical?

Citibeats offers its customers a uniquely ethical approach. Behind the data, there are people. We specialize in data representativity to measure underrepresented demographics while reducing bias and noise. We respect privacy and interpret collective data for ethical purposes with a positive social impact. Contrary to social media monitors or brand monitors, our technology is designed to understand society with a strong focus on societal trends and emerging risks. Our goal is to help decision-makers make the right choice not only from a financial point of view but also from a human standpoint. 

 

Predicting the Present To Shape the Future

During the last three years, Citibeats has informed over $1 billion in social risk mitigation decisions in the public and private sectors by detecting social early warning signs in fast-changing environments. CivicLytics and the EARS project are just two of the company’s most impactful use cases. CivicLytics is the citizen observatory for Latin America and the Caribbean created in collaboration with IDB, and the EARS project is the World Health Organization’s social listening platform to show real-time information on how people talk about COVID-19 online.

Citibeats is proud to collaborate with global entities like IDB and WHO to address social issues and epochal changes. Both projects are great examples of how Citibeats’ technology can help governments and organizations understand citizens’ perceptions and concerns to improve their public policies and projects. 

“We are growing fast, with recent hirings in the Product, Technology, and Business Development departments and expanding our activity worldwide. We also just released a new version of our product that further improves the social understanding capacity of our platform. Our goal is to empower any institution or organization with a qualitative and temporal edge that traditional survey methods and the media do not provide early enough to be useful. At Citibeats, we are creating the background for a new, ethical, responsive, and inclusive way to highlight any social change.”

HARRY WILSON, CHIEF PRODUCT OFFICER AT CITIBEATS