Qortex Financial Model
Marketplace Startup Financials (Free Excel Download)
AI-powered in-video advertising platform (Intelligent Video Analytics) that serves contextually relevant overlay ads matched to video content moments - without cookies or viewer consent.
professionals from Deloitte
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About this model
Qortex is an AI-powered in-video advertising platform that places contextually relevant overlay ads in web video, connected TV, and games. Its technology identifies content moments and matches brands and viewers without relying on cookies or explicit viewer-consent targeting.
The company operates as a programmatic marketplace between advertisers, DSPs, video players, and publishers. Case studies cited stronger engagement than traditional formats, while the revenue model is a share of advertising spend flowing through the supply-side platform.
The model is an SSP gross-billings waterfall. Publisher inventory, impressions, fill rate, CPM, advertiser demand, and take rate determine net revenue, while publisher payouts and ad-serving costs determine gross margin. Supply integrations, campaign performance, take-rate pressure, and channel mix across web, CTV, and games are the central scenarios.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Qortex
qortex.ai
How to build a detailed financial model for Qortex
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Qortex model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Core product: On-Stream - patent-pending smart overlay ads for CTV, web video, and in-game.
- AI engine performs three functions:
- Categorization - identifies "Moments" (actions, feelings, genres, products, famous faces) from video content.
- Correlation - connects audience behavior to video context via On-Stream in-video experiences.
- Curation - selects optimal content to maximise outcomes for brands, media companies, and creators.
- Key differentiators: no cookies / no consent required (contextual AI); non-interruptive (overlays vs. pre-roll/mid-roll); patent-pending technology.
- Operates as an omni-channel programmatic marketplace - acts as the SSP, sending/receiving bids matched to video moments, then delivering to publisher video players.
- Roadmap: expand platform into commerce, research, recommendations, and interactivity derived from the IVA dataset.
Market
- TAM - AI Video Analytics: $18.11B (2023) → $75.35B (2028); CAGR 33%.
- TAM - AI-Enabled Media Market: $1.3T.
- SAM - CTV advertising: "expected to reach $28B this year".
- CAGR context: a secondary Technavio infographic on slide 4 cites ~31% CAGR for Intelligent Video Analytics (2017–2021 study, older data); incremental growth cited at $1.65B; 38% of growth from Americas.
- Fastest growing region: Asia-Pacific; largest market: North America.
Revenue model
- Programmatic marketplace / SSP model: Qortex sits between DSPs (buy side) and video publishers (sell side). Revenue mechanism is a revenue share / take rate on ad spend flowing through the marketplace (standard AdTech SSP model - typically 10–25% net revenue margin on gross billings).
- Channels: web video, CTV, in-game.
- The "marketplace" framing (slide 13) lists four supply-chain roles: Advertisers, DSPs, Video Players, Publishers - client names redacted.
Traction & metrics
- Founded: 2020.
- Employees: 22.
- Performance benchmarks (case studies):
- Activision Blizzard: 2.3X improvement in CTRs vs. pre-roll & mid-roll.
- Viant network: On-Stream seen by 6.8X more people for longer vs. traditional display ads.
- Awards: AdExchanger – Best Use of AI in Advertising; The Drum – Best Video Marketing Solution; MarTech – Breakthrough Technology Leader.
- CTV Pipeline: Hulu, Peacock, DAZN, Paramount+ (noted as pipeline, not signed).
Unit economics
- No pricing, CPM rates, or take-rate data disclosed.
Competition / moat
- Moat claims:
- Patent-pending overlay technology - claimed first mover in programmatic overlays for CTV (live or VOD).
- Cookieless/consent-free contextual targeting - structural advantage as third-party cookies deprecate.
- Proprietary "Moments" dataset derived from AI video analysis.
- Named competitors (from market research inserts): IndigoVision, axxon, AXIS, BOSCH, Panasonic - these are traditional video analytics / security players, not ad-overlay competitors.
- Market characterisation: "Fairly fragmented" per Technavio; Qortex claims first-mover in the specific overlay-programmatic CTV niche.
- Direct ad-overlay or contextual video ad competitors: Not named in deck.
Team & funding ask / use of funds
- Founders:
- Zack Rosenberg - CEO & Co-Founder
- James Altschuler - COO & Co-Founder
- James Tammaro - CTO
- Advisory Board (actively involved):
- Mark Pedowitz - Former Chairman/CEO of The CW; investor in Qortex; Former President ABC Television & ABC Studios; Broadcast and Cable Hall-of-Famer.
- Matt Barash - SVP Index Exchange; AdColony management team (sold for $400M).
- Karlie Santucci - Chief Customer Officer at Memo; Former SVP IAS (world's largest brand safety co.).
- Ash Karbasfrooshan - Founder/CEO WatchMojo; investor in Qortex; oversees 2 of top 10 YouTube channels (23M+ subscribers).
- Claude Ruibal - Former Global Head of Sports Partnerships at Google/YouTube; part of group that bought Everton FC; founder Universal Sports Network.
Recommended financial model
Archetype: AdTech Marketplace / SSP revenue model (Gross Billings → Net Revenue via take rate), supplemented by a 3-statement operating forecast.
Why: Qortex is a programmatic marketplace. Revenue is driven by ad spend (gross billings) flowing through the platform, with Qortex retaining a net revenue share / take rate. The right model tracks: publisher inventory (impressions), fill rate, CPM, take rate → net revenue → opex → EBITDA. This differs from pure SaaS (no subscription disclosed) and from a pure agency (they own the marketplace infrastructure).
Forecast horizon & granularity:
- Monthly for Year 1–2 (given early stage, 22 employees, need to track runway).
- Quarterly for Years 3–5.
- 5-year total horizon.
Key drivers & assumptions:
| Driver | Value | Source |
|---|---|---|
| AI Video Analytics TAM (2023) | $18.11B | - |
| AI Video Analytics TAM (2028) | $75.35B | - |
| TAM CAGR | 33% | - |
| CTV market size ("this year") | $28B | - |
| Total AI-enabled media market | $1.3T | - |
| # employees at time of deck | 22 | - |
| Take rate (net revenue / gross billings) | 15% | standard SSP take rate range is 10–25%; 15% is median for independent SSPs |
| Avg CPM (overlay format, CTV) | $18–25 | CTV CPMs typically $15–30; overlay/contextual commands premium |
| Avg CPM (web video) | $6–10 | standard web video PMPs |
| Initial publisher inventory ramp | 500M impressions/month by end of Y1 | startup SSP, given named pipeline (Hulu, Peacock, DAZN, Paramount+) but none confirmed signed |
| Fill rate | 30% Y1 → 65% Y3 | low fill rate early as demand builds; improves as DSP connections deepen |
| CTR improvement multiplier vs. pre-roll | 2.3X | - |
| Headcount growth | 22 → ~50 by Y2, ~120 by Y5 | sales, eng, and operations-heavy scaling for marketplace |
| Avg fully-loaded cost per employee | $120K–$180K | NYC/US AdTech market rate |
| Gross margin (net revenue) | 60–70% | AdTech SSP typically 55–75% gross after hosting, CDN, data costs |
| S&M as % of net revenue | 35% Y1 → 20% Y3 | publisher acquisition and DSP onboarding are expensive early |
| R&D as % of net revenue | 25% Y1 → 15% Y3 | AI/ML platform investment heavy upfront |
Scenarios (Base / Bull / Bear - which variables flex):
- Base: Pipeline converts at 20% (1–2 of named CTV partners sign); web video and in-game scale steadily; take rate holds at 15%.
- Bull: 3–4 CTV partners sign within 12 months; CPMs at high end of range; fill rate ramps faster; patent granted and creates licensing upside.
- Bear: CTV pipeline stalls (regulatory, slow partner cycles); take rate compressed by DSP/publisher negotiation to 10%; cookieless transition delayed, reducing urgency of contextual switch.
Required sheets / outputs:
- Assumptions - all drivers in one input tab.
- Volume Model - impressions by channel (CTV / web video / in-game) × fill rate × CPM → gross billings → net revenue.
- P&L (Income Statement) - net revenue, COGS, gross profit, S&M, R&D, G&A, EBITDA, net income.
- Headcount Plan - by department, with average cost.
- Cash Flow & Runway - monthly burn, cash balance, runway (critical given no disclosed funding or revenue).
- Balance Sheet - simplified (cash, AR, AP, equity).
- KPI Dashboard - gross billings, net revenue, take rate, impressions, fill rate, CPM, EBITDA margin, headcount, months of runway.
- Scenario Toggle - switch between Base / Bull / Bear on assumptions tab.
Frequently asked
Is the Qortex financial model free?+
Yes. The Qortex model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Qortex's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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