The AI-Powered Company Enters its Next Phase of Growth, Accelerating its First-to-Market Lead and Expanding its Board of Directors
NEW YORK, Nov. 20, 2023 /PRNewswire-PRWeb/ -- Qortex, an Intelligent Video Analytics (IVA) company brands and enterprises use to turn video content into meaningful and enriching experiences that drive business outcomes, today announced it has raised $10 million in a round led by GFT Ventures along with other investors including Silicon Road Ventures. The company plans to use the funds to expand its talent and technology in support of client and market demand.
IVA technology allows for monitoring and analyzing a large volume of video and transforming that input into intelligent data for quick decision making. According to Mordor Intelligence, the AI video analytics market is expected to reach $18.11 billion in 2023 and grow at a CAGR of 33% to reach $75.35 billion by 2028. During that period, North America and sectors like media and retail are expected to be big drivers.
Founded by Zack Rosenberg and James Altschuler, Qortex's patent-pending, AI-enabled, technology makes it possible for users to rapidly and accurately search, categorize, correlate and curate video "moments" at scale – regardless of volume, time, language or context. Today, hundreds of companies are utilizing Qortex for its On-Stream™ "Moments Marketing" capabilities. However, the latest capital round will also allow the company to introduce its superior IVA to other markets, allowing those companies to:
- Deeply understand and apply IVA to drive more predictable success at scale
- Place advertising in real-time while matching the advertisements to individual video moments such as actions, events, feelings or visuals of people and products across Web Video, CTV and In-Game experiences
- Drive the best video-viewing experiences
- Monetize across channels and moments
- Comply with IAB and other industry standards
In conjunction with the investment news, Qortex announced three appointments to its Board of Directors: Jeff Herbst, Co-founding Managing Partner of GFT Ventures who spearheaded the round; Mark Pedowitz, the former Chairman and CEO of the CW Network and Head of Pine Street Entertainment; and Sid Mookerji, Managing Partner and Founder of Silicon Road Ventures.
"The IVA space has traditionally been comprised of companies addressing the security sector in areas such as CCTV footage. Qortex is applying its proprietary AI-powered IVA to the underserved media and advertising vertical, and quickly establishing itself as the market leader in this regard," said Herbst. "We believe AI will disrupt every industry and vertical – advertising is no exception. Our investment in Qortex is the result of our strong conviction in the company's opportunity to capture a huge share of the AI-powered advertising market, and to innovate across the IVA landscape for years to come."
"What you watch is a window into who you are. With IVA we can deeply understand the actions, events, feelings, products and more within the video," said Rosenberg. "Never before has this been possible with any scale, speed or accuracy within the media realm. We aim to create something entirely new that allows anyone in media, advertising and entertainment to harness content and leapfrog its competitors using AI. If you can win these moments, the possibilities of success are endless."
Prior to the new year, Qortex will add several more leaders to its team and enhance its On-Stream product as it prepares to introduce new IVA offerings in 2024.
Qortex is an Intelligent Video Analytics (IVA) company used by brands and enterprises to turn the most meaningful video insights into enriching experiences, actions and business outcomes. Qortex's patent-pending, AI-enabled, multimodal sensory capabilities revolutionized the use of IVA by making it possible for users to rapidly and accurately search, categorize, correlate and curate video "moments" at scale – regardless of volume, time, language or context. Qortex's current client base spans dozens of companies across multiple sectors. Learn more at https://www.qortex.ai/.