Contix: Social Media Event Detection Focused Exclusively On Finance

Sep 30 2015 | 5:01pm ET

The cloud-based software developed by Contix analyzes more than 500 million social and traditional media posts per day in order to generate real-time alerts on breaking news events relevant to financial markets before other news sources. Contix’s unique and proprietary technology clusters related news from social and traditional sources and places that news in context with market and social data including price, trading volume, discussion volume and sentiment. The company offers its clients a simple, highly configurable web application, desktop notifications for Windows and OS X, an iOS app, and an enterprise API.

Company name: Contix

Location: Honolulu, Hawaii

Website: www.contix.com

Fintech Sector(s): Institutional Investment, Retail Trading, Financial Research

Elevator Pitch: Contix is a leading social media event detection firm that mines the earliest mentions of breaking news for individual and institutional traders.

Year Formed: 2012

No. of Employees: 30

Stage: In revenue

Tell us a bit about your company and what it does? 

Contix is a social media event detection platform focused exclusively on finance. With more and more news breaking on social media, our product identifies the earliest mentions of breaking news that might impact a stock and sends real-time alerts to our users. We analyze millions of social media and traditional news posts each day and use a variety of proprietary algorithms to ensure we’re pushing out validated, credible, and actionable alerts to our clients across the institutional and individual trading space.

How are you different from other companies in the same space?  

Contix is hyper-focused on finance, which enables our algorithms and knowledge base to be much deeper and more accurate than our competitors. This results in faster, more accurate and more complete breaking news alerts. We also incorporate over 500 traditional media sources into our platform, providing the earliest mentions of breaking news events whether they break on social or traditional media. Finally, we have a transparent and competitive pricing structure that makes our product attractive to both institutional and individual traders. As a result, we have a very high win rate when traders evaluate our product against competitive solutions.

What is your revenue model? How will the company make money? 

We offer clients a really straightforward pricing model. We have three subscription tiers – Foundation, Pro and Enterprise – which have increasing levels of functionality depending on the trader’s needs. 

Who is your target market?

Contix is really focused on the trading space – discretionary traders at both the retail and institutional levels.  

How big is the opportunity? 

We feel the opportunity is tremendous. Most traders are still accustomed to relying predominantly on a Bloomberg terminal, CNBC, or traditional media outlets. Those sources of news will remain important for analysis and informed opinion but traders that rely on breaking news will discover that they will identify more breaking news events on our platform than on their traditional sources. 

Why are you and your team capable of succeeding?

Contix spun out of Ikayzo, a company that has been writing software for some of the world’s largest investment banks and investment management firms for nearly a decade. The Contix team continues in that tradition with a combination of deep technical expertise and an understanding of the financial services industry. 

What is your company’s next target/milestone?

Introducing new asset classes (commodities was just added) such as currencies and other topics and covering foreign exchanges using the same deep knowledge approach for those markets. 

Can you tell us one unusual fact about your company?

We are in Honolulu, Hawaii, which offers our team members a higher quality of life and better surfing than is available in the Bay Area or New York.


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