Cortical.io, a Vienna, Austria and NYC- and San Francisco, CA-based provider of solutions that classify, extract and search information within unstructured documents, raised $6m in Series A funding.
The round was led by Ezpada, a global commodity trading house.
The company intends to use the funds to continue to expand operations and its business reach.
Cortical.io leverages patented artificial intelligence (AI)-based natural language understanding (NLU) technology based on semantic folding and neuroscience to provide business solutions that accurately classify, extract and search information within unstructured documents. Fortune 500 businesses in segments including contract analysis, message intelligence and intelligent document processing (IDP) are using the company’s solutions to solve business problems with complex NLU challenges without the need for in-house AI experience.
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 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.
Earlier this year, the European Investment Bank (EIB) provided $9.1m to the company.