TL;DR:
- GFT Ventures spearheads a $10 million investment round in Qortex, an Intelligent Video Analytics (IVA) company.
- Qortex, founded by Zack Rosenberg and James Altschuler, transforms video content into valuable business assets.
- The investment will fuel Qortex’s expansion to meet growing client and market demand.
- IVA technology is projected to reach $75.35 billion by 2028, with North America and media/retail sectors as key drivers.
- Qortex’s AI-powered IVA technology allows rapid and accurate video analysis, catering to diverse sectors.
- New IVA offerings and board appointments signal Qortex’s commitment to industry leadership.
Main AI News:
In a resounding show of confidence in the future of Intelligent Video Analytics (IVA), GFT Ventures has taken the lead in a substantial $10 million investment round for Qortex. This cutting-edge IVA company, founded by Zack Rosenberg and James Altschuler, has emerged as a trailblazing force that enables brands and enterprises to transform video content into valuable, enriching experiences that drive tangible business outcomes. This strategic move comes with the backing of influential investors, including Silicon Road Ventures, further solidifying Qortex’s position in the industry.
Qortex’s patented AI-driven technology has redefined the boundaries of IVA, allowing users to swiftly and accurately search, categorize, correlate, and curate video “moments” at a scale previously unimaginable. Regardless of volume, time, language, or context, Qortex’s innovative approach offers unprecedented capabilities. Presently, hundreds of companies are harnessing Qortex’s On-Stream™ “Moments Marketing” features to their advantage.
However, this game-changing investment round is poised to propel Qortex into new territories and markets. The company’s superior IVA technology promises to empower businesses in the following ways:
- Deeply understand and leverage IVA to achieve scalable success.
- Real-time advertising placement, meticulously tailored to individual video moments, such as actions, events, emotions, or visual elements, across Web Video, CTV, and In-Game experiences.
- Elevate the quality of video-viewing experiences.
- Monetize across diverse channels and pivotal moments.
- Adhere to industry standards, including those set by the IAB (Interactive Advertising Bureau).
The timing of this investment aligns seamlessly with market trends. According to Mordor Intelligence, the AI video analytics market is projected to soar to $18.11 billion by 2023, with a staggering CAGR of 33%, reaching a monumental $75.35 billion by 2028. Notably, North America and sectors like media and retail are poised to be significant catalysts in this growth trajectory.
Furthermore, in a strategic move to bolster its leadership, Qortex has welcomed three distinguished figures to its Board of Directors. Jeff Herbst, Co-founding Managing Partner of GFT Ventures, spearheaded this transformative investment round. Joining him are 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 focused on security applications, particularly in the realm of CCTV footage. Qortex is breaking new ground by applying its proprietary AI-powered IVA to the underserved media and advertising vertical, rapidly establishing itself as the industry leader,” stated Jeff Herbst. “We firmly believe that AI will disrupt every industry and sector, and advertising is no exception. Our investment in Qortex reflects our unwavering confidence in the company’s potential to claim a substantial share of the AI-powered advertising market and lead innovation across the IVA landscape for years to come.“
Zack Rosenberg, Co-founder of Qortex, emphasized the groundbreaking potential of IVA: “What you watch is a window into who you are. With IVA, we can deeply understand the actions, events, emotions, products, and more within video content. This level of insight, at such scale, speed, and accuracy within the media domain, is unprecedented. Our goal is to create something entirely revolutionary, enabling players in media, advertising, and entertainment to harness content and outpace their competitors through the power of AI. By winning these pivotal moments, the realm of possibilities for success becomes boundless.“
As the new year approaches, Qortex is gearing up for significant expansion, adding key leaders to its team and enhancing its On-Stream product. In 2024, the company is set to unveil an array of innovative IVA offerings, further solidifying its position as a frontrunner in the intelligent video analytics arena.
Conclusion:
GFT Ventures’ substantial investment in Qortex reflects a strategic move in the burgeoning field of Intelligent Video Analytics (IVA). This development underscores the growing importance of IVA in various sectors, with Qortex poised to lead the way by providing innovative solutions that harness the power of AI for businesses. The projected growth of the IVA market, driven by North America and sectors like media and retail, signals a significant market opportunity, making Qortex’s advancements all the more promising.
