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In-Q-Tel Selects NovoDynamics to Enhance Document Exploitation for U.S. Government Customers

September 10, 2003
Read the Paper

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 ‚Äòreading 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‚Ñ¢, to the Document Exploitation market. New products will be added to the  commercially available list as this program proceeds.

About NovoDynamics
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‚Ñ¢  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 jlerou@novodynamics.com.

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