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SA AI startup Cortex Logic secures investment, eyes global expansion
Cape Town based artificial intelligence (AI) and machine intelligence startup Cortex Logic has set its eyes on international expansion after it announced on Monday (4 February) that it had secured an investment from an undisclosed investor.
In a phone call with Ventureburn earlier today (6 February) Cortex Logic founder Jacques Ludik (pictured above) declined to disclose who the investor was or how much the investor had committed in the deal.
Ludik, who founded Cortex Logic in 2015, described the deal as “very exciting stuff”. The startup provides an AI engine for businesses to operationalise big data and analytics. The startup also develops AI-based applications, solutions and products.
Cortex Logic was founded in 2015 by Jacques Ludik
Cortex has developed solutions and products that include: intelligent virtual assistants and advisors, fraud detection, churn prediction, smart risk scoring, smart trading, real-time customer insights, smart recommendations and purchase prediction, smart payment, medical risk prediction, precision medicine, and personalised AI search tools.
In a statement on Monday (4 February), Ludik said the startup’s latest investment will allow Cortex Logic to hire more staff and expand operations.
Expansion through channel partners
In the same press release Ludik said the startup’s expansion plans “not only encompass Africa, but also the UK and US”.
Ludik explained today that the startup is now looking to scale internationally through channel partners to “more countries across the board”. Cortex Logic’s solutions, he pointed out, are currently being used by clients in the UK, Canada and Nigeria.
The company also has various local clients based across a number of sectors. They include De Beers, Afrocentric and Medscheme.
Ludik said Nigeria, in particular, has “multiple opportunities, across multiple sectors”, adding that the startup aims to focus on fintech and financial services in the country, including both banking and trading.
Read more: A primer on the South African artificial intelligence ecosystem
Featured image: Cortex Logic founder Jacques Ludik (Jacques Ludik via Twitter)