InvestMaryland Challenge: Q&A with Cortix Systems
Check back for Q&A profiles on all the competition finalists.
The first-ever InvestMaryland Challenge is down to its final round with just 33 companies competing for more than $300,000 in grants and business services. The final winners will be announced during the Governor’s Cup Awards Ceremony on April 15.
One of the companies, selected out of more than 250 applicants, is Cortix Systems, based in Alexandria, Virginia. To find out a little more about this innovative pharmaceutical company, we spoke with Matt Piekarczyk, company president.
Q. What does Cortix Systems do, and how would you explain it to the average person?
A. It’s primarily a platform that you can think of as a mix between Siri and Google. Effectively, what we do is provide answers to user questions out of the documents, databases and services which already exist within organizations. The user provides a query, just like they would in Google, except that instead of returning a zillion documents they may or may not find interesting, we actually return the data they’re looking for. So, if you put in the question, “How many patients have been coming into my office?” within a certain date range, to answer that question, you would have to scan several documents and systems and maybe create a Web search. Our system combines all of that to allow you to get the answer to your question. Any answer that can be arrived at by combining many different sources of information—that’s what our system does.
Q. Has the company had much success so far?
A. Our company has been a highly desired contractor from the start. We’ve had great revenue growth. This year, we’re looking at around $700,000 in revenue. We haven’t taken any equity. It’s all contracts. We try to work with organizations where we can solve really mission critical problems, and it’s been working great. Our impact on businesses is really transformative in nature. Some processes that may take years, we can sometimes do in minutes. We have received several endorsements. A lot of companies have told us that we’re critical to their strategies. We see that as great feedback.
Q. Tell us more about the unique and innovative things your company is doing. How is it moving the industry forward?
A. We’ve tried every other tool out there, and the bottom line is that none of them scale. You can bring in engineers and experts that will bring the information together for you over the course of months, but it will costs a lot. Instead of finding experts, we focus on creating experts by making complex data accessible—that has allowed us to scale.
Q. If Cortix Systems were to win prize money in the contest, how would it use the money to further its goals?
A. We’ve focused in the past on building out the technology. We’ve spent a lot of money on the product, but now we’re coming to a point where we’ve reached our bandwidth for bringing in new clients, so we basically need more money to be able to reach new verticals. Primarily, we plan to use the money for business development, to bring in new clients and find the best target clients. The money is actually very critical to our mission.