Austrian language-intelligence startup Cortical.io has announced that they have picked up $1.25 million in funding from Dutch venture firm Reventon, which previously backed the startup with 1.7 million Euro last October. The prototype that Cortical.io rolled out in 2012 was bankrolled by an Austrian national research grant, a representative from the company tells me. Cortical.io launched in beta back in August 2013 and then officially released their API this June. According to the representative, they have thus far attracted roughly 100 public API key holders and 4 enterprise customers.
The service is perhaps best explained in the video below, but this startup essentially aims to create language fingerprints in order to add context to words understood by a computer. The platform can serve a variety of purposes, including sentiment analysis (opinion mining), automatic abstracting (generating abstracts from large texts like scientific papers and books), and dialogue systems (platforms capable of interacting with humans). They have already developed cross-language capabilities for Spanish, Danish, Russian, German, French, Mandarin, Korean, and Arabic, but now turn their attention to other major global tongues.
The company’s PR director tells me that they have monetized the service by offering scalable packages of their public API to SMEs for 80 Euro monthly and by offering enterprise-level customers Amazon Server Images, which can be accessed through the AWS Marketplace. I am told that this service for enterprise customers will be launched within 2 weeks, while the company aims to offer subscription packages for their public cloud in 2015. The startup further offers developer and analyst training, development of special functionalities, the creation of specialized Retinas (the knowledge base of the system), and the development of specialized algorithms.