05 Mar 2021
Investment Plan for Europe backs €7.5 million investment into Austrian software company
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 EIB loan is backed by a guarantee provided by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. Cortical.io's 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. The new financing will cover research and development (R&D) as well as operational investments supporting Cortical.io's growth.