NOVODYNAMICS ANNOUNCE A MULTI-MILLION DOLLAR STRATEGIC INVESTMENT AND TECHNOLOGY ADVANCEMENT AGREEMENT WITH IN-Q-TEL
April 2, 2007
NovoDynamics Inc., the creator of VERUS™ the most advanced Middle Eastern optical character recognition (OCR) software, announced today that that it has entered into a multi-million dollar strategic investment and technology advancement agreement with In-Q-Tel, the independent strategic investment firm that identifies innovative technologies to support the mission of the U.S. Intelligence Community. In-Q-Tel’s funding strengthens NovoDynamics’ ability to rapidly advance its OCR and page processing capabilities and to develop exciting new digital content recognition products for commercial and government markets in Asia and Europe.
OCR technology converts images of printed information into editable and searchable computer text. NovoDynamics’ OCR software effectively extracts data from complex and degraded pages and recognizes challenging languages, such as Arabic and Persian.
“In-Q-Tel’s investment allows NovoDynamics to accelerate its development of innovative digital content capture solutions for Asian and Middle Eastern markets,” according to David Rock, President and CEO of NovoDynamics. “Utilizing our significant expertise in digital content recognition, we are very excited about the upcoming release of new technological advances that will allow our global customers to retrieve information that has never before been accessible. These advances are an important step towards accomplishing our corporate strategy to make all of the world’s printed documents and materials electronically accessible.”
VERUS™ NovoDynamics’ advanced OCR solution, provides the most accurate Middle Eastern language optical character recognition in the world. It recognizes Arabic, Persian (Farsi, Dari), and Pashto languages, including embedded English and French. It automatically detects and cleans degraded and skewed documents, automatically identifies a page’s primary language, recognizes a page’s fonts without manual intervention, determines whether a page contains primarily handwritten or machine printed text, and allows extracted information to be converted into PDF files. VERUS™ also offers an application programming interface (API) that allows third-party companies to integrate its capabilities into their products and supports machine translation plug-ins that allow customers to automatically translate extracted information to other languages.
“NovoDynamics is the leader in extracting information from challenging sources,” said Troy M. Pearsall, In-Q-Tel Executive Vice President for Technology Transfer. “Since In-Q-Tel’s initial investment in NovoDynamics in 2003, major commercial, government, and academic organizations have adopted the company’s innovative products to address their data acquisition and retrieval needs. We are excited about our continued partnership with NovoDynamics, and we look forward to the commercial opportunities associated with their strategy to extract information from documents in additional languages.”
NovoDynamics’ global solutions remove the digitization barriers typically created by challenging languages and degraded documents and fill a growing need within the private and public sectors for advanced data acquisition and retrieval technologies. For more information, please visit www.novodynamics.com.