PwC Germany and young European tech company Cortical.io have recently signed a joint business relationship agreement whereby PwC becomes partner of Cortical.io and develops natural language understanding solutions using Cortical.io’s technology.

Cortical.io has developed a unique natural language understanding technology that its says solves many challenges related to big text data. The novel, meaning-based algorithm is based on Cortical.io’s patented Semantic Folding methodology.

It allows both high-precision and high-speed semantic text processing and can be applied to any kind of unstructured text data.

“Nowadays, every business, whether small or large, collects overwhelming amounts of text data,” explains Francisco Webber, CEO and co-founder of Cortical.io.

“Each business is confronted with at least one big text data issue: some need to classify products based on lengthy text descriptions, other must extract key information from complicated legal or technical documents. Most companies need help to interact with their customers, answer questions, recommend products, and so forth.

“All need an automated, reliable solution that easily adapts to their particular use case and delivers first results within a few weeks. This is exactly what Cortical.io offers,” comments Webber.

Cortical.io’s semantic technology is currently in production at several Fortune 500 companies where it integrates in existing software solutions, in very different contexts. Sascha Demgensky, attorney and auditor at PwC, who, together with Sven Fessler, initiated the partnership, comments: “Next to its disruptive character, Cortical.io’s technology is easily adaptable to any business domain and delivers prompt, impressive results. We are confident that, combined with PwC’s expertise, we can offer our customers intelligent solutions that will impact their bottom line sustainably”. Cortical.io solutions that already bring customers significant cost savings include semantic search and contract analytics.

“The partnership with PwC represents a strategic move for Cortical.io,” states Francisco Webber. “PwC’s focus on high quality, their many years of experience and the wide range of professional services they provide, make them an ideal partner to spread our technology. Major innovations are coming ahead in the field of natural language understanding,” concludes Webber, “and you can be sure that Cortical.io and PwC will be major forces behind this disruption.”