[Funding alert] Slovakia-based Internet Safety Startup Elv.ai Secures €500,000 Funding

Additionally, it safeguards public institutions' and the media's reputation on social media. In reaction to hybrid warfare and Russia's invasion of Ukraine in 2022, the Slovak communications agency New School Communications first established it as a non-profit project.

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A new firm, elv.ai, was founded by the agency last year in response to increased demand for the service, which helped shield clients' social networks from fraud, phoney profiles, and misinformation.

Out of over 16,000,000 comments, elv.ai has detected over 2,500,000 hateful or misleading remarks since its introduction in Slovakia. It has also discovered over 5,000 fraudulent profiles.

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According to Jakub Šuster, co-founder and CEO of elv.ai: “We perceive that the media space has changed significantly and that the need to protect online discussions and social networks from hatred is growing. In our native Slovakia, we monitor and moderate the discussions of roughly one-third of the media market and help several significant institutions that want to control the posts of their online discussions without misinformation, hoaxes or hate speech. We are pleased that even in the Czech Republic, we have quickly found conscious media houses that consider it their duty to protect their fans and users from hateful and misinformation, both human and artificial.”

Funding originates from the CB ESPRI Impact One investment fund, which is dedicated to assisting businesses and nonprofits that have a good social impact in defending human rights in information services research, teaching, and training.

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Miroslav Beblavý, CEO of the CB ESPRI Impact One Fund shared: “We decided to invest in elv.ai because cultivating the online space improves the social atmosphere. As an impact fund, we are interested in the financial return and the positive impact on society. We welcome efforts to use technology to mitigate misinformation content on social media, which should serve to connect people, not spread hate.We see the potential of the elv.ai tool not only in the Czech and Slovak markets but also elsewhere in the European market.”

About Elv.ai

Elv.ai, Where Human Content Moderation Expertise and AI Collide You can safeguard your brand instantly with their services, which integrate human moderators with artificial intelligence.

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