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Contact:
Samira Abrari Corticon Technologies 650.212.2424 x:247 pr@corticon.com Jennifer Hrycyszyn McLean Public Relations 650.685.3850, ext. 104 jennifer@mcleanpr.com
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Corticon Secures $3.4 Million in First Round of Financing
REDWOOD CITY, CALIF., APRIL 30, 2001—Corticon Technologies, the innovator of a new class of enterprise software—Knowledge Automation software—today announced the close of the company's first round of funding. American Century Ventures, the strategic investment group for American Century, and Securitas Ventures, in which Swiss Re is a limited partner, plus individual investors contributed to this round. This $3.4 million round will be used to enhance Corticon's Knowledge Automation software, build and expand sales and support and penetrate the financial service and insurance markets.
"Corticon's technology has the potential to help American Century continue the innovation and leadership that are key to our investment management process and practices," said Harold Bradley, president of American Century Ventures.
"Our investment in Corticon reflects our belief that Corticon's Knowledge Automation software could have significant applicability to the insurance industry," said John Shettle, senior managing director of Securitas Capital, LLC. "There are a myriad of opportunities within an insurance company's business process, where capturing intellectual capital and quickly converting it into automated business decisions and actions would have tremendous value."
Corticon's Knowledge Automation software transforms enterprise-wide collective knowledge into rapid, dependable and consistent decisions that are then applied, with zero latency, against massive amounts of real-time information. It also frees managers from performing repetitive decision-making tasks by automating these tasks. Furthermore, the company's patent-pending algorithms automatically identify and address ambiguity and incompleteness found in complex, interrelated business rules. Corticon's Knowledge Automation software enables management by exception, which in turn, allows managers to focus on core competencies and improving business practices. Enterprises maximize the return on their most valuable assets, the intellectual capital of every employee, customer and partner.
"Investments from American Century Ventures and Securitas Ventures send a message that clearly validates our software and the potential it holds for the financial service and insurance markets," said Corticon Technologies President and Chief Executive Officer Dr. Mark Allen. "Completing this round of financing is an important step toward knowledge automation software gaining acceptance at Global 2000 companies."
About American Century Ventures
American Century Ventures is the strategic investment group for American Century, a premier investment manager serving nearly two million individual and institutional investors. American Century Ventures' mission is to make investments in companies that complement the strategic direction of American Century and whose technology or products American Century can use to improve its business and help its investors.
About Securitas Ventures
Securitas Ventures, L.P. is a global private equity fund dedicated to investing in early-stage companies that are focused on transforming the insurance and risk industry through innovative business models. Securitas Ventures is advised by Securitas Capital, LLC, a global equity investment firm that manages funds making investments in the insurance and related sectors. Securitas Capital was established in 1995 to address an accelerating trend toward consolidation, heightened competition and greater demand for active capital throughout the insurance industry. Securitas Capital has offices in London, New York, San Francisco and Zurich. For more information on Securitas Capital, L.P., go to www.securitascapital.com.
About Corticon Technologies
Corticon Technologies is the innovator of a new class of enterprise software-Knowledge Automation. Corticon's software enables companies to rapidly capture, optimize and deploy their business rules, thereby transforming real-time information into immediate business results. The company's core technology is an easy-to-use, comprehensive platform, designed to automate knowledge with complete logical integrity. It automatically identifies ambiguous and contradictory rules and alerts managers of potential errors and conflicting data. For the first time, business professionals can use Knowledge Automation software to make efficient and consistent business decisions across all units-in real time. Headquartered in Redwood City, Calif., with an engineering center in Culver City, Calif., Corticon is a venture-backed, privately held company. Visit http://www.corticon.com for additional company information.
