ClearboxAI, a Turin-based startup, triumphed in the second edition of the Women & Sustainability Fintech Competition. Founded in 2019 by entrepreneur Shalini Kurapati, ClearboxAI aims to eliminate the gender, ethnicity and social status bias present in AI algorithms.
The initiative, sponsored by Mastercard and Italian Angels for Growth, recognized ClearboxAI for its mission and rapid success in the field of AI. The startup supports companies in the field of AI by generating high-quality synthetic data that eliminates the bias often found in algorithms. This phenomenon has recently affected large technology companies globally and even medical research, creating situations where men had access to more lucrative benefits than women. ClearboxAI was created to address this challenge and make algorithms more reliable and inclusive.
Shalini Kurapati, Co-founder and CEO of ClearboxAI, commented with satisfaction on the milestone: "There has never been a more important time to consider the ethical use of artificial intelligence and harness its potential responsibly. With the promising power of synthetic data, we are committed to building fair and robust AI systems in the financial sector for inclusive, law-abiding and democratic progress“.
As a prize, Mastercard will offer the winning startup the opportunity to access the expertise of the company's executives, in dedicated meetings that will include sessions of mentoring and discussions on possible collaborations and and business synergies.
The Women & Sustainability Fintech Competition is a competition for startups that aims to identify and reward the most promising companies in the fintech sector, with a focus on ESG issues and fast-growing technologies such as blockchain, AI, metaverse and cybersecurity. The competition stands out for its focus on companies with a predominantly female entrepreneurial team.
