Cortical.io's approach of using similarity as a foundation for intelligence should open a new range of applications that were not possible before.
Vienna, Austria (PRWEB) October 29, 2015
Cortical.io, an innovator in Natural Language Processing (NLP), announces its next venture capital round. In this third round, Cortical.io opens its capital to a new investor from the US, a fund affiliated with Open Field Capital (OFC), an investment manager with a focus on emerging technology markets. After Numenta, OFC is the second US-based investor taking an ownership position in Cortical.io. Reventon (NL) confirms its interest in the machine intelligence start-up with an additional participation, bringing the capital increase to a total of USD 1.8 million.
“Cortical.io’s approach of using similarity as a foundation for intelligence should enable a NLP technology that not only outperforms legacy systems in traditional text processing, but also opens a new range of applications that were not possible before, because it has the potential to eliminate constraints related to processing speed, data volume and the diversity of natural languages. This is exactly the kind of market disruption potential that we seek in an investment”, describes Marc Weiss, Principal at OFC.
Together with the third capital round, Cortical.io announces the opening of an office in the San Francisco Bay Area, where its sales and business development activities will be based. “North America is a core market for intelligent text analytics”, explains Francisco Webber, CEO and co-founder of Cortical.io. “There is a lot of value still hidden in Big Text Data. While our technology can be applied to many different business cases, its algorithmic efficiency has triggered strong interest from the financial industry. In the context of compliance monitoring, for example, the high precision and recall scores help to substantially reduce the associated workload”, explains Webber before concluding: “Our solution could help banks save billions in legal bills.”
Cortical.io offers a fundamentally new approach to handle Big Text Data. Inspired by the latest findings on the way the human neocortex processes information, Cortical.io represents language with highly efficient semantic fingerprints. The Cortical.io Retina is the first semantic engine that can process terabytes of unstructured text in real time, for any language and business domain – thus enabling global businesses to leverage the value Big Text Data has to offer.
In May 2015, Cortical.io entered into a strategic partnership with Numenta, that includes a broad general license to the HTM technology. The Cortical.io Retina has been recently certified as a Cloudera partner and is available on the Microsoft Azure and Amazon AWS marketplaces.
Cortical.io has offices in Vienna, Austria and in the San Francisco Bay Area. For additional information, please visit http://cortical.io