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- Cortex
Cortex Valuation, Funding & Investors
Cortex is valued at $470M as of September 2024.
Last Cortex valuation
$470M
Series C · Sep 2024
Last Cortex funding round
$60M
Series C · Sep 2024
Cumulative funding Cortex raised
$113M
across 5 funding rounds
Key investors in Cortex
Y Combinator
Sequoia Capital
Tiger Global
IVP
Coinbase Ventures
Craft Ventures
About Cortex
Cortex is an AI-driven internal developer portal that unifies engineering data sources for organizations including Canva, Grammarly, and Skyscanner. The platform deciphers system complexities, detects performance impediments, and automates responses such as ownership mapping, production readiness checks, best practice enforcement, and AI capability evaluations. Cortex converts fragmented engineering metrics into actionable insights and workflows, enhancing software reliability, deployment velocity, and scalability preparation. Tel Aviv-headquartered, it supports large-scale devops transformations across global tech firms.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$470M (Sep 2024)
Cortex Valuation
Cortex is currently valued at $470M, based on its Series C in September 2024.
The $60M round was led by Scale Venture Partners, with participation from IVP, Y Combinator, Sahin Boydas, World Innovation Lab, Sequoia Capital and 3 other investors.
Cortex valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2024 | Series C | $470M |
Cortex Funding History
Cortex has raised a total of $113M across 5 funding rounds.
Cortex's first fundraising round was a $200K seed round in March 2020. The most recent completed round was a $60M Series C in September 2024.
Cortex funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Series C | Scale Venture Partners (lead); IVP; Y Combinator; Sahin Boydas; World Innovation Lab; Sequoia Capital; John Collison; Alpha Square Group; Cross Creek | $60M | $470M | Cortex Applications is an internal developer portal (IDP) platform that helps engineering teams catalog services, track ownership, score compliance, automate routine tasks, and provide actionable insights to improve software quality, velocity, and developer productivity. Founded in 2021 and headquartered in San Francisco, the company serves major enterprises like Adobe, Grammarly, and Opendoor, addressing challenges where engineering initiatives take 3-5x longer due to lack of context on software state and standards. On September 4, 2024, Cortex announced a $60 million Series C funding round led by Scale Venture Partners, with participation from World Innovation Lab, Cross Creek, Alpha Square Group, Patrick and John Collison (Stripe), IVP, Sequoia Capital, and Y Combinator. The post-money valuation reached $470 million, as reported by multiple sources including Bloomberg via SiliconANGLE. The funds will support growing developer awareness of IDPs, enhancing platform capabilities in workflows, engineering intelligence, user interface, and AI features, while expanding the team of 90+ employees and scaling operations globally. Scale Venture Partners partner Eric Anderson joined the board, emphasizing Cortex's role in centralizing information for software understanding and fostering engineering excellence. This follows prior rounds: $15 million Series A in November 2021 and $35 million Series B in May 2023. The company positions itself in the competitive developer tools market, automating golden paths for development, syncing with identity and incident tools, and enabling continuous improvement. |
| May 2023 | Series B | IVP (lead); Y Combinator; Sequoia Capital; Tiger Global; Craft Ventures | $35M | - | Cortex is a San Francisco-based startup founded in 2021 that provides an internal developer portal (IDP) to help engineering teams manage microservices architectures, enforce best practices, and improve developer productivity at scale. The platform integrates with over 50 tools like GitHub, Datadog, Sonarqube, Snyk, and PagerDuty, offering service information, scorecards, scaffolding, and automation to address challenges in service-oriented architectures. On May 31, 2023, Cortex raised $35 million in a Series B funding round led by IVP, with participation from Craft Ventures and existing investors Sequoia Capital, Tiger Global, and Y Combinator, bringing total funding to under $53 million. IVP's Cack Wilhelm joined the board. The funding aims to deepen integrations, automation, and build the most connected IDP, capitalizing on strong market demand. This round followed a record year with 400% year-over-year revenue growth. New enterprise customers included TripAdvisor, Docker, Grammarly, Unity, and SoFi, which use Cortex to collect, contextualize, and templatize development best practices. The company targets teams with 80-100 engineers facing knowledge silos in microservices. Cortex differentiates with an opinionated approach to IDPs, focusing beyond scorecards to incident management, metrics, and productivity. Subsequent developments include a later $60 million Series C led by Scale Venture Partners at a $470 million valuation, with participation from World Innovation Labs, Cross Creek, Alpha Square Group, Stripe co-founders, IVP, Sequoia, and Y Combinator, to enhance workflows, engineering intelligence, UI, and AI features. |
| Nov 2021 | Series A | Sequoia Capital (lead); Tiger Global (lead) | $15M | - | Cortex raised $15 million in a Series A funding round on November 18, 2021, co-led by Tiger Global and Sequoia Capital, which had previously led the company's $2.5 million seed round. Angel investors including Gokul Rajaram, Snyk CEO Peter McKay, and Front co-founder Mathilde Collin also participated. The funding aims to transform how engineering teams build and deliver software by improving visibility into microservices architecture and development practices. Between May and November 2021, Cortex achieved 10x customer growth, with customers including Dropbox, Rappi, Adobe, Unity, Tripadvisor, Brex, OpenDoor, Grammarly, Affirm, and StockX. |
| May 2021 | Seed | Sequoia Capital (lead); Gokul Rajaram; Y Combinator; Bogomil Balkansky; Coinbase Ventures; Sam Lambert; Mathilde Collin; Adobe; Scott Belsky; Manik Gupta | $3M | - | Cortex is a Reliability as Code platform that provides engineering and SRE teams with comprehensive visibility and control over microservices, replacing tribal knowledge and spreadsheets with a single pane of glass for service ownership, documentation, and performance history. The company launched in May 2021 as a Y Combinator startup. On May 18, 2021, Cortex raised $2.5 million in seed funding led by Sequoia Capital, with participation from Y Combinator, Scott Belsky (CPO at Adobe), Gokul Rajaram (board member of Pinterest and Coinbase), Sam Lambert (CPO of PlanetScale), Manik Gupta (former CPO of Uber), and Mathilde Collin (CEO and founder of Front). Bogomil Balkansky from Sequoia joined the board. The funds were intended to accelerate development of the Cortex platform. Subsequent rounds included a $15M Series A in November 2021 led by Tiger Global and Sequoia, a $35M Series B in May 2023 led by IVP, and a $60M Series C extension. |
| Mar 2020 | Seed | Y Combinator | $200K | - | - |
Who has invested in Cortex?
19 investors have backed Cortex across its funding rounds, including Y Combinator, Sequoia Capital, Tiger Global, IVP, Coinbase Ventures and Craft Ventures.
Lead investors include Scale Venture Partners, IVP, Sequoia Capital and Tiger Global.
Cortex Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Mar 2020 | ||
| 4 | Lead | May 2021 | ||
| 2 | Lead | May 2023 | ||
| 2 | Lead | Nov 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Lead | Sep 2024 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Sep 2024 | ||
This data is available for Pro users. Sign up to see all 19 Cortex investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCortex Competitors
Cortex competitors include listed companies like Hanwang Technology Co and Appen, and private ones like Skai, Domino Data Lab, /dev/agents and Dev-Docs.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $480M | - | ||
| Private | - | - | $450M | - | ||
| Private | - | - | $500M | - | ||
| Private | - | - | $500M | - | ||
| Publicly listed | $282M | ($14M) | $605M | - | ||
| Publicly listed | $231M | $9M | $199M | 0.6x |
Cortex Public Comps
Cortex is still privately-owned, but its public comps include Spire Global, Yidu Tech, Beijing Hanyi Innovation, Happiest Minds Technologies, Intelligo Technology, Winner Technology, Claritev, Ropeok Technology Group, Latent View Analytics and ExaWizards.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $72M | ($40M) | 5.5x | 5.1x | (9.9x) | (13.6x) | |||
| $122M | ($4M) | 1.4x | 1.2x | (45.0x) | 7.7x | |||
| $28M | $5M | 15.6x | 13.9x | 89.9x | 50.9x | |||
| $241M | $43M | 2.0x | 1.9x | 11.5x | 10.7x | |||
| $50M | $20M | 8.4x | 8.4x | 20.8x | - | |||
| $46M | ($7M) | 9.0x | - | (60.9x) | - | |||
| $965M | $466M | 5.4x | 5.2x | 11.2x | 8.5x | |||
| $23M | ($28M) | 18.6x | - | (15.2x) | - | |||
This data is available for Pro users. Sign up to see all Cortex competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cortex
| When was Cortex founded? | Cortex was founded in 2019. |
| Where is Cortex headquartered? | Cortex is headquartered in San Francisco, CA, United States. |
| Is Cortex publicly listed? | No, Cortex is a private, VC-backed company. |
| What is Cortex's valuation? | Cortex was last valued at $470M in its Series C in September 2024. |
| How much funding has Cortex raised? | Cortex has raised $113M across 5 funding rounds. |
| What was Cortex's last funding round? | Cortex's last funding round was a $60M Series C in September 2024, led by Scale Venture Partners. |
| Who are Cortex's investors? | Cortex's investors include Y Combinator, Sequoia Capital, IVP, Tiger Global, Gokul Rajaram, Bogomil Balkansky, Sahin Boydas, Scale Venture Partners, Coinbase Ventures, World Innovation Lab and 9 others. |
| Which companies are comparable to Cortex? | Companies comparable to Cortex include Skai, Domino Data Lab, /dev/agents, Dev-Docs, Hanwang Technology Co and Appen. |
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