February 15, 2023 – As of January 2, 2023, Dr. Rainer Kegel has taken over the position of CEO at Cortical.io, a Vienna-based artificial intelligence pioneer. After interim positions in the IT department of Wienstrom and as IT manager at Wien Energie, Kegel was Chief Information Officer at Wiener Stadtwerke for a long time, where he initiated the IoT and Data Science programs. Now he is responsible for the strategic development of Cortical.io, an innovative tech company that has patented a unique approach to natural language processing and sells software solutions for intelligent document processing internationally. In future, the products will be increasingly offered in the European region.
“Data science is an absolute future topic. It is still barely integrated into corporate processes, so I see enormous growth potential,” says Kegel. This observation, he says, was a key reason for switching to Cortical.io. “Cortical.io has developed an AI system that helps companies make labor-intensive, document-centric processes more efficient. In many organizations, documents are still reviewed and processed manually because no software is able to handle the intricacies of human language. When thousands of documents are involved, this tedious, error-prone work ties up too many human resources. Cortical.io solutions understand the meaning of text, a capability that enables the automation of new enterprise workflows,” says Kegel.
Intelligent Automation as a Solution to Labor Shortages
Cortical.io’s unique method for efficient text analysis, based on neuroscientific findings, makes it possible to precisely extract, classify and process large amounts of information from complex documents. Rainer Kegel sees great potential for Cortical.io products, firstly because they focus on people and their needs – through ease of use, fast results and a “low code – no code” interface that allows users to customize the system to their own needs without technical knowledge. The second reason Kegel describes is that “Europe’s demographics will accelerate automation initiatives in the coming years. The baby boomers who will retire in the next ten years will only be partially replaced by younger generations. A general shortage of workers is emerging, which can only be compensated by intelligent automation. Cortical.io solutions can close this gap.”
Business Partner for Complex Document Processing
“When customers have a business problem with text, they should first think of Cortical.io,” is how Rainer Kegel describes his vision for the company. In the coming months, new sales initiatives will be launched in Europe, especially in the DACH region. Particularly in the insurance industry, where Cortical.io has been successfully offering its solution for policy review for several years in the USA, the company aims to score points. However, the technology is versatile and will continue to be made available to other industries such as logistics or pharmaceuticals. A second strategic initiative is being led by Francisco Webber, co-founder of Cortical.io. This will involve adapting the product for the software-as-a-service (SaaS) market and making the functionalities available as APIs. “I am looking forward to working with Rainer Kegel. His expertise in the strategic area and his extensive network in Europe will help Cortical.io to take the next big step,” commented Webber.
