Cortica, a US-based company whose Image2Text technology allows computers to understand and index web images, has raised $6.4m in a series B investment led by Horizons Ventures (which manages the private venture investments of Hong Kong businessman Li Ka-shing in the technology sector), including participation from previous investor, Russia-based internet company Mail.ru Group, and also from angel investors. In May, it was disclosed that Mail.ru’s investment in this round was $1.5m.
This round brings the company’s total funding to $18m. Investors in Cortica include Ynon Kreiz, the former chairman and chief executive officer of Endemol Group and current executive chairman of Maker Studios, who also serves as Cortica’s chairman.
Jason Wong, director, Horizons Ventures, said: “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.”
Cortica was founded in 2007 by a team of neuroscientists and big-data engineers that includes Igal Raichelgauz, Karina Odinaev and Yehoshua (Josh) Y. Zeevi. The company has research & development centres in Israel.