Cortica Ltd., a New York City and Israel-based visual search company, received a $1.5m investment from Mail.Ru Group (LSE:MAIL).
According to a written note, the investment is part of a larger round lead by other investors.
Founded by CEO Igal Raichelgauz, Karina Odinaev and Yehoshua (Josh) Y. Zeevi, Cortica has developed a new approach to computer-driven understanding of images and videos through its proprietary Image2TextTM technology, which automatically extracts core concepts from images and video and maps these concepts to keywords and textual taxonomies. Once a core concept is identified, Cortica enables host environments to offer relevant content, search and advertising.
Image2Text can also assist in building user profiles by using information about how users interact with pictures and videos to offer them richer, more relevant content.
Via the investment, Mail.Ru Group aims to support and access Cortica’s Image2TextTM technology. The Russian Internet company operates two of the three largest Russian language online social networking sites (Odnoklassniki and My World), two largest Instant Messaging networks in Russia (Mail.Ru Agent and ICQ), Russia’s leading email service and largest Internet portal Mail.ru, as well as Russia’s largest online games platform.
02/08/2012: Cortica Closes $7M Funding