It was often a challenge for Cortexica to get other businesses to truly understand what it does.
The company is an expert in vision artificial intelligence technology, which replicates elements of the human visual cortex, the part of the brain that processes visual information from the retina. Making sense of images has been something that, until recently, has stumped machines, but innovative developments in how systems ‘see’ and what they should look for are unlocking exciting areas of opportunity for many businesses, with companies such as Cortexica well-placed to take the lead in this field.
The company was spun out from the Bioengineering department of Imperial College London ten years ago, and was named one of the “Cool Vendors for AI in Computer Vision”, by technology research giant Gartner earlier this year – a list that suggests not only an exciting business that’s flying under many people’s radar, but an entire sector.
Yet in recent years Cortexica has really begun to get noticed, and it is now thriving, working with clients in sectors such as retail, manufacturing and health and safety.
Fashion retailers, for example, have multiple applications for AI and image recognition. Whether its in-store or online, AI can analyse how people view a piece of clothing and how someone looks at its colour, shape, pattern and design. The results can improve customer experience and engagement, as well as improve operational decisions around category and stock management, merchandising and product image tagging.
Applying Vision AI today
Cortexica first recognised the potential of processing footage from cameras and live video streams in 2010, when it provided image and video recognition technology in real time to Virgin Money, as part of a brand-tracking exercise for that year’s London Marathon.
It has since created a centre of excellence for video research and innovation to help companies in different industries identify what lies within images and what can be done with that information.
CEO Iain McCready joined the business in March 2011, with more than 30 years of telecoms and IT industry experience behind him. He says that in the early days people didn’t ‘get’ what the company did. “They recognised the technology as cutting edge, but they did not want to pay for it” he says. “We are now working with shopping centre giants Hammerson PLC and partnering with the likes of Cisco and GSK. This has contributed towards our turnover increasing by 200 per cent in the past year.”
It also seems as though the sky isn’t quite the limit for Cortexica, as they have recently been awarded a grant from the UK Space Agency to develop on-board processing of satellite imagery and video data. One of the growth areas for Cortexica is in the health and safety sector. For instance, its technology can identify whether people are wearing the right safety clothing and equipment before they are allowed into a restricted area.
“We are now seeing clients from various sectors coming to us because they have heard that AI could help them, even if they are not quite sure exactly how,” says McCready.
Cortexica has increased its workforce from 20 to 50 in the past two years by expanding its research and development, sales and marketing and client services teams. “We have spent the early years getting the product right, but these are the crucial areas we need to invest in to take the business to the next level.”
Statistics
Company website: http://www.cortexica.com
Business sector: AI Vision
HQ Location: London
Number of employees: 50
Year founded: 2009