The Davos Forum validates Citibeats' technology and ethical approach
The international non-governmental organization has selected this Barcelona startup, which transforms people's opinions into information through the use of Artificial Intelligence, among the hundred best technology companies in the world for its positive impact on business and society
ThestartupCatalan Citibeats, the ethical Artificial Intelligence platform that transforms people's opinions into relevant information for institutions and organizations, is one of the hundred companies worldwide that the Davos Forum has recognized as a "technological pioneer" for its positive impact on business and society. The recognition by this prominent international non-governmental organizationplaces Citibeats among the main technological actors that are at the forefront "to solve some of the most complex problems in today's world". In addition, it offers this startup the opportunity to participate in the activities, events, and debates that the Davos Forum (World Economic Forum) will organize this year and to work with world leaders to help address key industry and societal problems over the next two years.Founded in 2018 by Iván Caballero, Citibeats is a provider for large projects and in a multitude of countries, for institutions such as the World Health Organization (WHO) with which it had and maintains a prominent role for international real-time control of the coronavirus pandemic; the Inter-American Development Bank (IDB), with which it collaborated in the launch of the Xenophobia Observatory and the Urban Needs Observatory; UNESCO; the United Nations Development Program (UNDP) and the World Bank, among other institutions. It has also closed alliances with partners such as Twitter because, respecting the anonymity of sources, Citibeats analyzes and interprets any text data generated by people, in any language, structuring the information to monitor it and make it accessible. Regarding the Davos distinction ---the first received by a Barcelona company---, Citibeats considers it "a seal of quality, a badge of trust that further confirms and validates the value of our technology and our ethical approach to Artificial Intelligence," in Caballero's words. Since its creation, Citibeats has informed about social risk mitigation decisions involving more than one billion euros, in both the public and private sectors; being able to detect early warning signs in rapidly changing social environments in more than 50 countries. Citibeats work teams, a company founded in 2018, in Barcelona. Funding to expand in AmericaThe international distinction comes at a crucial moment for theGovTechCitibeats, after that,in July 2021, closed an investment round of 2 million euros to scale the project in the United States and Latin Americaand consolidate its presence in Asia-Pacific and Europe, the Middle East and Africa. With this objective, Caballero will be in the United States in the coming weeks to establish collaborations with new partners and clients.
Citibeats analyzes and interprets any text data generated by people, in any language, structuring the information to monitor it and make it accessible.
The resources obtained came from various investors: BID Lab, the innovation laboratory of the Inter-American Development Bank Group; CAF, the Andean Development Corporation (CAF) - Development Bank of Latin America; Estinvest, the venture capital arm of afamily officeSpanish; Previsora General Mutualidad de Previsión Social, insurance company, and the investment of Everis Fitalent, the Everis Group fund.
Avançsa's Participation
Subsequently, in November 2021, the platform raised about 500,000 euros from the company Avançsa (Company for Industrial Promotion and Location of Catalonia), which joined the financing round. The public resources were instrumentalized through the Línea Innova Creixement program, aimed at promoting disruptive innovation projects.
In addition to the expansion,Citibeats launched a new version of its platform that improves its social understanding capabilities and makes it more competitivein the face of traditional survey methods to detect any social change and "delves into reliable, transparent, representative, and ethical technology," says Caballero. Among these advances, they have incorporated two new computer tools into the platform:the Sustainability Monitor and the Social Risk Monitor, to discover trends in both areas from the opinion expressed by millions of people. From his perspective, Caballero argues that "social changes are happening at an increasingly rapid pace. Every day an incredible amount of data is exchanged and our human brain simply cannot process that amount of information." "What we do at Citibeats ---he adds--- isto combine deep technology with collective intelligence to create good data and avoid bad quality data that leads to erroneous decision-makingThat is why we need technology: to interpret change and support the evolution of humanity." The platform has launched new tools to make it more competitive, such as the social risk monitor.
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