Vienna-based AI technology provider Cortical receives €7.5 million loan from the European Investment Bank

dan@tech.eu

Artificial Intelligence based technology provider Cortical had recently announced a €7.5 million investment from the European Investment Bank via the European Fund for Strategic Investments (EFSI) as part of the Investment Plan for Europe.

The injection of cash is expected to fuel further research and development and operational investments supporting company-wide growth.

“To tackle the economic impact of the pandemic, the EIB is focusing its activities on meeting the financing needs of SMEs and providing immediate help. High growth start-ups are recognised as key sources of employment, productivity growth and innovation, and for the EIB, with the backing of the Investment Plan for Europe, supporting investment that is geared towards greater competitiveness is a top priority,” comments EIB Vice-President Thomas Östros

Cortical develops AI based software that is based on a Natural Language Understanding (NLU) and can interpret and process human language text. Working across multiple languages, specialised vocabulary, and various business units, Cortical’s technology can search, extract, annotate and analyse key information from unstructured text including contracts and emails.

With proven solutions such as Contract Intelligence and Message Intelligence, this funding will enable us to grow the company and expand our R&D efforts to deliver Intelligent Document Processing solutions,” adds Cortical.io COO Thomas Reinemer

Share this:
Share on linkedin
Share on facebook
Share on twitter

Get exclusive access to news, data and actionable insights on the European Tech innovation ecosystem(s)

By subscribing to Tech.eu, you gain instant access to curated European technology news, market intelligence and interviews with leading startup founders, investors and more. Sign up now in under a minute to deepen your knowledge on the European Tech innovation ecosystems on a daily basis.