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    Reference: 20200205
    Release date: 30 June 2020

    Promoter – Financial Intermediary

    CORTICAL.IO AG

    Location

    Description

    Cortical Artificial Intelligence (AI) is a software company developing innovative artificial intelligence technology that can interpret and process human language text. In addition to key words, the solution is capable of performing search and analysis based on meanings of sentences. Current applications include smart search and classification of information in contracts and emails, and the technology has potentially many additional applications. The project covers Research, development and innovation (RDI) and capital expenditures activities, including operational investments that support the company's growth.

    Objectives

    The proposed EIB Venture Debt financing will help to develop further an advanced AI based Natural Language Understanding and Processing technology, maintain its early mover advantage in the field, scale up its business and pursue its growth strategy and geographical diversification.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 8 million

    Total cost (Approximate amount)

    EUR 27 million

    Environmental aspects

    The project concerns investments in RDI. The activities are not listed in any annexes of the Directive 2014/52/EU amending the EIA Directive 2011/92/EU and will be carried out in existing facilities already authorised that will not change their scope due to the project, and would therefore not require an environmental impact assessment (EIA). The EIB's Services will review during the project appraisal any other environmental details of the project.

    Procurement

    The company is a private sector company not operating in the utilities sector and not having status of a contracting authority. Thus, it is not covered by the EU Public Procurement Directives.

    Status

    Signed - 8/01/2021

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Austria Services