Cortica raises $20M in fourth round funding
The Israeli start-up company that develops image identifying technology completes another round of funding
Israeli start-up company Cortica, which develops photo identification technologies, raised $20 million in financing. According to a report from The Marker, the round was led by a strategic Chinese investor who will probably help the company expand into the Asian market.
This is Cortica’s the fourth funding round, bringing the total investments to $38 million. Investors include Russian Mail.ru, which took part in the previous funding rounds, Horizons Ventures–the venture capital fund of billionaire Li Ka–shing, and private investor Ynon Kreiz .
Recognizing the real-time images
Israeli-based Cortica developed technologies that specialize in the recognition of images and videos. Its primary technology, called CorTex, specializes in identifying objects and humans multimedia clips while the computer process is able to mimic the behavior of human neural networks. Thus, the computer can interpret the content appearing in the media in question.
Additional technology that the company offers is called Image2Text, and is able to identify and set automatic concepts and key elements from the media shown, map them to textual keywords and sort them according to their importance.
The technology is able to map photos or videos in real time and display the connection between them. That is, the system knows the connection between a commercial brand behind it, a game title relevant to it and of course, the faces of different characters and display their names.
The primary audience of the company is advertising networks that can use the technology to analyse the most relevant content the user expects. For example, when viewing a model car or laptop, a particular company or brand ad will appear. Alternatively, when viewing images of sites selling abroad, users would be offered a link to an airline or cheap deals specific to the destination they are viewing.
Cortica was founded in 2007 by a group of researchers at the Technion in Haifa, Yehoshua Zeevi, Karina Odinaev and engineer Igal Raichelgauz. Currently the company has about 50 employees spread across four offices: one in Haifa, a development center located in Ramat Gan, and two overseas offices in California and New York.