EIB provides €7.5 million to Austrian artificial intelligence software innovator Cortical.io
The European Investment Bank (EIB) is providing €7.5 million to Cortical.io AG, an Austrian software company developing innovative artificial intelligence technology based on a Natural Language Understanding (NLU) approach that can interpret and process human language text. The software is capable of performing search and analysis based on meanings of words or sentences. Its current applications include smart search and classification of information in contracts and emails. Cortical.io's technology can search, extract, annotate and analyse key information from unstructured text – even with specialised vocabulary – across multiple languages and business sectors, and the company has already started developing standardised products to speed up deployment of the technology. The EIB financing will cover research and development (R&D) as well as operational investments supporting Cortical.io's growth.
- Fresh funds cover R&D and support the company's growth
- EU bank financing is provided under the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe
The EU bank loan is being provided under the European Fund for Strategic Investments (EFSI) as part of the Investment Plan for Europe. EFSI is the central pillar of the Investment Plan under which the EIB and the European Commission are working together closely as strategic partners in order to boost investment and to create jobs and growth by making smarter use of existing and new financial resources. The EIB loan, supported by EFSI, will have a significant impact as it provides Cortical.io with financial support and flexibility, enabling it to maintain its early-mover advantage in the field, scale up its business and continue its geographic expansion.
Executive Vice-President of the European Commission Valdis Dombrovskis yesterday said:
“This agreement between the EIB and Austrian artificial intelligence software innovator Cortical.io AG is a clear sign of the European Union's support for companies contributing to the digital transition, which is a significant driver for our economy. The new financing, backed by the Investment Plan for Europe, will enable Cortical.io AG to continue growing its operations and further advance its innovative business solutions in the field of language and artificial intelligence.”
EIB Vice-President Thomas Östros yesterday said:
“One of the immediate economic consequences of the coronavirus pandemic is the sudden lack of liquidity affecting mainly small and medium-sized enterprises (SMEs). 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. I therefore very much welcome our cooperation with Cortical.io, which is a young innovative company. 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, in particular in these difficult economic times due to COVID-19.”
Cortical.io COO Thomas Reinemer yesterday said:
“While there is widespread excitement about the promise of AI as a technology, our focus is on applying our innovative technology to deliver packaged solutions that solve the problems enterprises are facing today. 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.”
Latest News from
ESMA Publishes Annual Peer Review of EU CCP Supervision09/04/2021 11:10:00
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, yesterday published its annual peer review report on the supervision of EU Central Counterparties (CCPs) by National Competent Authorities (NCAs).
ESMA Report Highlights Liquidity Concerns For Alternative Investment Funds08/04/2021 15:20:00
The European Securities and Markets Authority (ESMA), the EU securities regulator, today publishes its third annual statistical report on the Alternative Investment Fund (AIF) sector.
ESMA Publishes Draft Regulatory Technical Standards on Changes to CCPS’ Activities And Models08/04/2021 13:25:00
The European Securities and Markets Authority, the EU’s securities markets regulator, today published its Final Report containing draft regulatory technical standards (RTS) relating to changes to central counterparty (CCP) services and activities, as well as models and parameters under the European Markets Infrastructure Regulation (EMIR).
Joint Statement by Commissioner Reynders and Yoon Jong In, Chairperson of the Personal Information Protection Commission of the Republic of Korea30/03/2021 15:25:00
In their call today, Commissioner for Justice Didier Reynders and Chairperson of the Personal Information Protection Commission Yoon Jong In welcomed the successful conclusion of the adequacy talks between the European Union and the Republic of Korea.
Speech by President von der Leyen at the High-level meeting on the international debt architecture and liquidity30/03/2021 13:25:00
Speech given yesterday by President von der Leyen at the High-level meeting on the international debt architecture and liquidity.
EU values explained in one minute30/03/2021 10:38:00
What are the six core values the European Union is based upon and how do they translate into our daily lives?
COVID-19: EU helps to deliver vaccines to Moldova and medical items to Montenegro and North Macedonia30/03/2021 09:25:00
The EU is supporting Romania in delivering 50,400 doses of vaccines to Moldova in response to the COVID-19 pandemic.
Speech by Commissioner Reynders at American Chamber of Commerce on the Digital Transatlantic Economy29/03/2021 16:33:00
Speech given recently (26 March 2021) by Commissioner Reynders at American Chamber of Commerce on the Digital Transatlantic Economy.