Very interested in this opportunity. Some questions before I pull the trigger investment-wise: 1. Historically, what percent of your customers have renewed their annual subscription? What's currently the longest tenure? 2. Do you plan to offer any services to companies on a "o...

Many thanks for your thoughtful questions, Kenneth. To jump right in: 1. 100% of customers using Cortex Studio have renewed, but that’s not the right metric to use here. Our current annual subscription packages are somewhat new and most customers are in their first year, so a renewal percentage isn’t a large sample set. We do have many proof points of customers wanting more. For example, we’ve recently had extension and/or expansion from all of the recent renewal opportunities, including comp...

Hi Cortex Team, Congrats on the success so far. B2B/Marketing SaaS has become one of my main investment theses, so I was particularly excited to check out Cortex. One of my readers passed along your deal to me and asked for my thoughts. I'm writing a first pass of a deal memo ...

Hi Muhan, As you suggested, we’ve reached out to you directly for some of your more detailed questions, but I’ll also include a few points below. Regarding the short-term debt, you can see in Cortex’s reviewed financials that this was actually not an increase in debt, but simply convertible notes moving from long-term to short-term debt on the balance sheet. Cortex had no meaningful increase in total debt in 2019 and, as described in the disclosures, all convertible notes were converted durin...

Hi, Exciting company and congratulations on the revenue growth. I'm doing some due diligence with a friend and have a few questions to start: 1) From your revenue figures, it looks like you have 11 employees making. Could you comment on number of employees in relation to the s...

Hi Moe, Thanks for your questions. 1) We currently have 12 employees, seven of those employees are focused on product/engineering and that team includes some full-time off-shore developers to allow us to be super efficient with our money while delivering the best possible product to our customers. Also, note that the two founders are not taking a salary yet. 2) We currently have 11 full time employees and 1 part time employee. Both Brennan and Matt are full time. 3) Most of our debt was in th...

Hi Cortex Team, To me the value proposition stacks up. The question then becomes whether the technology works. Would be fantastic if you could advise on the following questions: 1. What is your churn rate? 2. What is your net promoter score (if available)? 3. What percentage o...

Thanks for the kind words, Max. 1 + 3. (I’ve combined parts of your first and third questions. Also, I’ve pasted from a similar question in this forum, then added to it.) 100% of customers using Cortex Studio have renewed, but that’s not the right metric to use here. Our current annual subscription packages are somewhat new and most customers are in their first year, so a renewal percentage isn’t a large sample set. We have many proof points of customers wanting more. For example, we’ve recen...

Hi, lots to like here, congrats on your success so far. Can you say a little more about your moat: Any plans to patent anything? Can you give a laymen's explanation of why the data you've collected gives you a lasting advantage? Anything else about why it would be hard for a d...

Hi Alan, thanks for your questions. Here’s a little more information. Firstly, yes, Cortex may be pursuing some patents on the technology in the near future, specifically around some of the novel video processing technology we’ve created. Regarding the data, the moat gets bigger every day. Cortex collects massive amounts of data from publicly available sources (like social media) and then uses machine learning to generate proprietary data about the initial data that no one else has. The more ...

Cortex

AI-powered visual analytics that helps marketers make better creative choices

meetcortex.com

Boston, MA

Fintech & Finance B2B SaaS AI

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Founder and CEO of Venture Lane

LEAD INVESTOR

Invested $1,000 this round + $40,000 previously

I invested into Cortex, because the potential behind their AI is limitless. Today Cortex helps brands and marketers make the right decision in choosing visuals in the representation of products in categories like beauty, transportation, FMCG or travel. Cortex creates deep insights into the taste of audiences and helps drive commercial and creative decisions at some of the world’s best brands like L’Oreal, Toyota, Oreo, Bud Light or Marriot.

The founders Brennan White and Matt Peters grew up as entrepreneurs in the marketing and visual space. They founded Cortex in 2015 with the idea to identify successful patterns behind visuals that companies use to advertise for their products. In a world of social media where decisions are more and more driven by images Cortex can make the decisive difference on how efficient a campaign is. Early on the team showed strong traction and the ability to attract and retain big brand and agency names.

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Cortex

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