Visual Search Leader, Cortica, Secures $6.4 Million in Series B Financing Led by Horizons Ventures; Funding Totals $18M to Date

  Visual Search Leader, Cortica, Secures $6.4 Million in Series B Financing
  Led by Horizons Ventures; Funding Totals $18M to Date

Business Wire

NEW YORK -- June 19, 2013

Cortica, the first company to visually index the Web, has raised $6.4M in
Series B investment led by Horizons Ventures, including participation from
Mail.ru Group and other high-profile angel investors. This brings the
company’s total funding to $18M. Cortica’s technology simulates the brain’s
neuro-circuits in order to recognize patterns and enable computers to
understand images with the highest degree of accuracy. Once identified, the
images turn into engaging units for search, advertising and e-commerce. The
funding will be used to scale Cortica’s visual search platform and expand its
commercial deployment with leading partners.

Cortica has spent more than 10 years in research and development to create its
Image2Text® technology, which is protected by more than 50 patents. Cortica’s
engine processes and recognizes images based on patterns, just like the brain
does, unlike other companies that have built a database of images through
fingerprinting, modeling and crowdsourcing. Cortica patterns are clustered
into digital concepts which are stored and mapped to keywords and contextual
taxonomies that enable identification with zero false positives.

“Cortica’s Image2Text® technology, which associates images – brands,
landmarks, products, celebrities, cars and events – with concepts, brings a
unique capability to the market on a large scale,” said Igal Raichelgauz,
co-founder and CEO of Cortica. “This opens up a host of business opportunities
for advertisers and marketers by enabling consumers to intuitively interact
with images. This additional funding will contribute to further advancing our
core visual search platform, expanding our commercial team and scaling product
distribution.”

“With millions of images uploaded to the Web every day, there is a distinct
opportunity to index these images to generate insights that will allow visual
search and better targeted advertising,” said Jason Wong, director, Horizons
Ventures. “Cortica’s core technology turns every image into native advertising
inventory, providing consumers with a more engaging and relevant ad experience
and generating more impactful results for advertisers, marketers and
publishers.”

About Cortica

Cortica was founded in 2007 with a single vision: to fundamentally
revolutionize computers’ ability to understand images and video. Cortica's
technology simulates the human cortex in order to understand and recognize
images with the highest degree of accuracy. The company was founded by a
multi-disciplinary team of neuroscientists and big-data engineers that
includes Igal Raichelgauz, Karina Odinaev and Yehoshua (Josh) Y. Zeevi.
Cortica's headquarters are in New York with R&D centers in Israel. Cortica is
funded by Horizons Ventures (which manages the private venture investments of
Mr. Li Ka-shing in the technology sector globally), Mail.ru Group and high
profile individuals, including Ynon Kreiz, the former chairman and CEO of the
Endemol Group and current executive chairman of Maker Studios, who also serves
as Cortica's chairman.

Contact:

Brew Media Relations
Michelle Kim, 310-464-3409
mkim@brewpr.com
 
Press spacebar to pause and continue. Press esc to stop.