Multi-Million Dollar Contract Funds Product Development and Investment in NovoDynamics
September 10, 2003
Ann Arbor, MI
In-Q-Tel, a private venture group funded by the Central Intelligence Agency (CIA), and NovoDynamics, a leading supplier of Advanced Discovery Informatics™ software, today announced the signing of a development and investment agreement. NovoDynamics will enhance the performance of their software to convert large hardcopy document collections in multiple languages into electronic form via optical character recognition (OCR) and then manage, search and retrieve documents from the resulting document repository. Such functionality will significantly increase the speed and accuracy of work conducted with these documents, particularly those that exist in real-world applications, such as faxes and low-quality copies.
“There is high demand for technology that can quickly and accurately read and retrieve real-world documents, particularly those that are low quality,” said Gilman Louie, CEO of In-Q-Tel. “After extensive due diligence, we found that NovoDynamics had a very strong technology base that can help enhance the electronic ‘reading and mining’ of real world documents in multiple languages. We look forward to continue working with NovoDynamics as they add new capabilities.”
The software NovoDynamics is developing for this application is derived from its proprietary pattern recognition and data mining technology platform. Applications built on this platform allow customers to discover what’s important to them in their document collections and their databases. “We were pleasantly surprised when we were first contacted by In-Q-Tel regarding our character recognition technology,” said Don Garaventi, CEO of NovoDynamics. He added, “Our scientists have worked with this technology for many years and in so doing successfully developed software with break-through performance that met the objectives of several important projects. We are certain this software will have broad utility for national security, and we are also seeing very attractive potential in commercial applications, where companies are now recognizing the importance of document and information management and retrieval.”
NovoDynamics is now commercially offering the first product developed from this collaboration, NovoD DX™, to the Document Exploitation market. New products will be added to the commercially available list as this program proceeds.
NovoDynamics creates and sells leading-edge pattern recognition and data mining software products and services focused on three markets: Document Exploitation; Pharmaceutical Discovery and Development; and Chemical Discovery and Development. Its customers are global, “Fortune 500” companies, who are typically technology leaders in their key markets, and important government agencies. NovoDynamics’ unique data mining and pattern recognition competencies are based on its Advanced Discovery Informatics™ technology platform that can be applied to different markets where the common need is to uncover hidden trends, relationships, and information in large, complex databases and document collections. NovoDynamics is a privately owned company located in Ann Arbor, Michigan. For more information visit their web site www.novodynamics.com, or contact Jan Lerou, VP Business Development and Technology at 734-205-9115 or firstname.lastname@example.org.