The Brazilian SaaS Cortex secured $48M in a Series C round led by Lightrock. Softbank and Riverwood, who had invested in Cortex’s 2020 round, also participated.
Cortex is a big data analytics platform that provides intelligence solutions for sales, marketing, and communications. Cortex’s two main use cases are B2B companies and the communications and marketing industry.
For B2B companies, Cortex captures a range of data from external sources about companies and organizes this information in a way that helps its customers in their business strategies. According to Leonardo Rangel, Cortex’s CEO,
“We take data on number of employees, estimated revenue, whether the company is hiring professionals, what technologies it uses, whether it sells to the government, what it sells, whether it exports or imports (…) With that, we already filter the companies it can approach and then give insights on how it can make that approach.”
For the marketing and communications use case, Cortex has developed a platform that allows companies to measure the economic value of their media and social media exposures.
With this new funding, Cortex plans to improve its product and technology, and continue investing in the intelligence platform for sales, which represents 60% of the company’s revenues. Regarding the possibility of applying Cortex’s technology to other verticals besides B2B and marketing, Rangel expressed the following:
“We estimate an addressable market of $14 billion in Latin America on these two fronts alone (…) When we exhaust the possibilities of growing on these fronts, then we will think about new use cases.”