Raichelgauz, co-founder and CEO of the Israel based image identification technology company intends to take advantage of the latest round of investment to fund the company’s expansion into new markets.
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Cortica : Igal Raichelgauz and Ynon Kreiz
Igal Raichelgauz, co-founder and CEO of Cortica, among the leaders in image identification technology capable of recognizing and identifying these items and defining whether they have inanimate or human raised an additional $20 million in Series C funding, bringing the total amount raised in funding for Cortica since the company was formed in 2007 to $38 million.
Principal participants in the Series C funding round are the Russian company Mail.ru, who have taken part in the two previous funding rounds, Horizon Ventures, the highly active Hong Kong-based venture capital fund owned by Israeli high-tech entrepreneur Ynon Kreiz, the former chairman and CEO of the Endemol Group and current executive chairman of Maker Studios also taking part. Kreiz also serves as Cortica’s chairman.
Igal Raichelgauz teamed up with Yehoshua Zeevi and Karina Odinaev fellow students at the Technion, Israel Institute of Technology in Haifa in 2007 to form Cortica, sharing a joint vision that would see them make radical changes in how computers’ approach the absorption of both images and video. Cortica’s primary technology, which is known as CorTex has been honed over the years so that now allows highly accurate simulation of the human cortex, which in turn helps it to virtually recognize images and can therefore can interpret the content appearing in the media in question.
CorTex has been designed to work in tandem with an additional piece of technology developed by the design team at Cortica, which they have titled Image2Text. Amage2Text is capable of both identifying and setting automatic concepts and key elements from any form of media once it has been identified, and map it to a series of textual keywords, as well as classified the keywords according to their level of importance.
The Cortica systems have now been developed to such a level that they are able to make a connection between an image and the commercial brand behind it, as well as the faces of different characters and display their names amongst a number of other features.
The primary audience for Cortica systems are advertising networks, can make use of the technology on offer to analyze the most relevant content.
Despite the dramatic success that the company has achieved, Cortica have remained loyal to their roots, with their principal offices situated in Haifa, whilst running a development center in Ramat Gan, as well as two offices in the United States, one in California and the other in New York.
Igal Raichelgauz graduated with a bachelor of science degree in electrical engineering from the Technion after he had completed his Israeli army service, serving in the elite 8200 intelligence unit, where he was part of a team of data production and analysis specialists.
After completing his army service and University education Igal began his professional career as a product engineer and technical leader in Intel’s product development division, leaving them to join Liquid Comp Bit (LCB), a real-time voice recognition start-up, where he served as chief technology officer.
Igloo is also a co-founder of Figment, who supply advanced content services for Israeli cellular network providers.