CORTICAL ARTIFICIAL INTELLIGENCE (EGFF)

Promoter – Financial Intermediary

CORTICAL.IO AG

Location

• Austria

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)

• Services - Information and communication

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