Cortical.io Secures Another $6 Million Series A Investment
Sep 14, 2021
VIENNA and SAN FRANCISCO, Sept. 14, 2021 /PRNewswire-PRWeb/ — Cortical.io today announced a $6 million series A investment into the company. Cortical.io delivers business solutions that accurately classify, extract and search information within unstructured documents based on a natural language understanding (NLU) innovation inspired by neuroscience. The investment was provided by Ezpada, a global commodity trading house.
Intelligent processing of unstructured documents is growing market opportunity. It’s a complicated problem that tech giants like Google and Amazon have invested massive dollars in developing natural language technology. Cortical.io has had large-scale successes that are gaining attention. Fortune 500 businesses are taking advantage of Cortical.io solutions to solve business problems with complex NLU challenges without the need for in-house AI experience. Earlier this year, the European Investment Bank (EIB) provided $9.1 million to Cortical.io.
“We are impressed with the AI-based technology and solutions that Cortical.io brings to market, and the potential for their application across multiple industries including the commodity trading space,” remarked Lyubomir Gunev, Chief Operations Officer at Ezpada.
Cortical.io has patented an artificial intelligence (AI)-based NLU technology based on semantic folding and neuroscience. It is a real differentiator in addressing the challenge of processing unstructured text data as it understands the meaning of sentences, paragraphs and concepts, not just keywords and consequently delivers highly accurate results. The company is working to enable semantic supercomputing, the ability to process streams of natural language content at massive scale in real-time through the use of hardware acceleration.
Cortical.io has become the secret weapon of management consultants and innovative organizations; its technology is disrupting market segments including contract analysis, message intelligence and intelligent document processing (IDP).
Cortical.io recently announced Contract Intelligence 4.5, which automatically and accurately searches, extracts, classifies and compares key information from agreements, contracts, and other unstructured documents like policies and financial reports. They also have impressive new capabilities coming soon in an upcoming announcement around Cortical.io Message intelligence, an IDP that provides high accuracy in filtering, classification, and extraction of emails, attachments, and other types of unstructured documents.
“We are very excited to bring on a new investor to fuel our growth. This funding, in conjunction with the earlier funding from the European Investment Bank, will allow us expand our efforts to market our proven solutions,” said Thomas Reinemer, COO at Cortical.io. “We will use the funds to increase our sales and marketing initiatives.”
Cortical.io delivers AI-based solutions that help businesses search, extract and analyze information from unstructured text more effectively. These meaning-based solutions, including Contract Intelligence and Message Intelligence, cover a wide spectrum of use cases with proven implementations in Fortune 500 companies. They leverage the company’s patented Natural Language Understanding technology to solve business problems with complex NLU challenges without the need for in-house AI experience.
The company is working to enable semantic supercomputing, the ability to process streams of natural language content at massive scale in real time through the use of hardware acceleration.
Michael Becce, MRB Public Relations, Inc., 7327581100, firstname.lastname@example.org