EIB Provides $9.1 Million to Artificial Intelligence Software Innovator Cortical.io
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.
EIB Vice-President Thomas Östros 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."
Executive Vice-President of the European Commission Valdis Dombrovskissaid: "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."
Cortical.io COO Thomas Reinemer 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."
Cortical.io delivers AI-based business solutions which are quicker and easier to implement and more capable than current approaches. The company's patented method of Natural Language Understanding enables enterprises to more effectively search, extract and analyse information from unstructured text.
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