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.”