We are a B2B technology company specializing in providing programmatic advertising products and solutions to marketers to streamline and automate their advertising and marketing workflows. Our software offers marketers cost-effective solutions and productivity-enhancing capabilities to target their desired audience across various advertising channels and devices through automated processes and algorithms, which is known as “programmatic advertising” in our industry. Leveraging our proprietary AI/ML technology and steered by the marketer’s directive, our cloud-based software can autonomously execute split-second advertisement purchasing transactions, strategically acquiring advertising placements and optimizing online advertisement from the global advertisement and data marketplaces using the insights gleamed from diverse data points consolidated across various ad channels, including the Open Internet and the Walled Gardens. It is critical for marketers to connect to as many online ad channels as possible to attain the sufficient reach to engage with their desired audience at the right time to effectively promote their products and services. However, advertising to two or more of these disparate and siloed ad channels and to enable tracking between offline and online channels, or “omni-channel advertising”, is a complex and costly operation. Our mission is to simplify the increasingly complex digital marketing landscape to help accelerate our customers’ business growth through a data-driven approach. Our flagship product, Knorex XPO™, is a self-service enterprise-grade cloud platform with a comprehensive suite of advertising management and execution (AMX) applications. Our highly differentiated platform empowers marketers to orchestrate omni-channel advertising across the Open Internet, and the Walled Gardens or the Native Platforms owned by the big tech giants, and to streamline and automate manual processes to drive advertising efficiency and performance. XPO enables intelligent automation and scaling, allowing marketers to seamlessly manage and control core mission-critical online advertising processes from a centralized UI, to advertise across a diverse range of ad channels including search, social media, apps, websites, desktop, mobile, smart TVs or connected televisions, streaming devices, and digital billboards. Our AI/ML-powered platform revolutionizes digital advertising management by offering marketers a truly integrated solution for omni-channel orchestration. It seamlessly consolidates the key functions of planning, creation, measurement, monitoring, management, and optimization of advertisements across the world’s leading ad channels, into a singular unified platform. This eliminates the need for marketers to grapple with multiple siloed platforms, creating XPO as an all-encompassing system of record that closes the customer marketing analytics loop. Marketers use XPO to gain access to real-time actionable insights and effectively execute cross-channel and in-channel optimization to drive advertising performance. XPO harnesses the power of AI/ML to ingest vast amounts of real-time data, providing a data-driven solution. XPO integrates data collection, processing, analysis, and advertising delivery to optimize advertising performance through continuous decision-making on budget allocation and advertising placements across various ad channels, platforms, and devices. This systematic data-driven approach enables marketers to effectively target their desired audience at scale across the Internet and native platforms. To help marketers maximize their use of XPO, we provide add-on services including managed activations where we support marketers in launching and monitoring advertising campaigns using XPO. Our professional services further extend our support into technical and business consultation, staff training and technical support, to assist their immediate business challenges. For customers preferring campaign-driven engagements without any long-term platform commitment, we offer managed activations to fully manage end-to-end of their advertising campaigns. Since our inception in September 2009 in Singapore, we have expanded our operation to the U.S., Vietnam, India, and Malaysia, where the U.S. is now by far our largest market. Over the years, we have consistently made substantial investments in research and development, forging robust partnerships with leading media, data, and technology partners across the United States, Europe, and Asia. These efforts have been pivotal in shaping our commercial development and product roadmap as we actively pursue expansion initiatives. Our commitment to excellence has been recognized by our industry partners, including recently being enlisted as a Meta Business Partner and Google Premier Partner (among the top 3% exclusive tier) in recognition of our technical, operation, and business excellence. We were awarded the MarTech Breakthrough Awards for “Best Remarketing Platform” in 2022 and named a Top 10 Marketing Automation Solution Provider in 2021 by MarTech Outlook. To date, our customers primarily comprising marketers from the advertising agencies, have been utilizing XPO to successfully automate and optimize outcomes for over 7,997 advertiser accounts and growing. Spanning diverse industry verticals such as automotive, healthcare, e-commerce, business-to-business, retail, consumer packaged goods, travel and hospitality, our platform has demonstrated its versatility, scalability, and effectiveness in meeting the dynamic demands of various businesses. Our goal is to further expand our business, fostering wider adoption of XPO and extending its benefits to a broader array of customers. Our revenue increased by 24.0% from US$8.7 million for the year ended December 31, 2023 to US$10.8 million for the year ended December 31, 2024, primarily due to increased adoption of our platform given the strong demand from our customers to pursue automation and scaling efficiency. The principal executive office of our operating subsidiaries is located in Singapore.
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- Like The Trade Desk, but focused on providing a unified, cross-channel programmatic advertising platform for advertisers.
- An independent alternative to Google's programmatic ad platforms (such as Display & Video 360 or Google Ads).
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- XPO (eXchange Performance Optimizer): An AI-powered omnichannel programmatic advertising platform designed to unify and optimize ad campaigns across various digital channels and devices.
- Programmatic Ad Campaign Management: A service enabling advertisers to efficiently create, manage, and scale their ad campaigns across display, video, native, search, and social media.
- Audience Targeting & Optimization: A service leveraging data and artificial intelligence to precisely target desired audiences and continuously optimize campaign performance for better return on investment.
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Knorex (symbol: KNRX) primarily sells its programmatic advertising platform and services to **other companies (B2B)**, not to individuals.
Knorex does not publicly disclose specific major customer names in its SEC filings, as no single customer accounted for 10% or more of its total revenue for the fiscal years ended December 31, 2022, and 2021 (as stated in its Form 10-K). This indicates a diversified customer base rather than reliance on a few large clients.
Therefore, while specific names of major customers cannot be listed, Knorex serves a diverse range of businesses that leverage its XPO platform for omnichannel programmatic advertising. The primary categories of customer companies it serves include:
- Advertising Agencies: These agencies utilize Knorex's platform to execute and manage digital advertising campaigns across various channels (display, video, mobile, native, audio, and connected TV) on behalf of their diverse client portfolios.
- Direct Brands and Advertisers: Companies across various industries with in-house marketing or media buying teams use Knorex's platform to directly manage and optimize their own programmatic advertising efforts, aiming to achieve specific marketing objectives like brand awareness, lead generation, or sales.
- Performance Marketers and E-commerce Businesses: Businesses specifically focused on measurable results and online sales often adopt platforms like Knorex to drive targeted traffic, conversions, and optimize their return on ad spend through advanced analytics and real-time bidding capabilities.
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- Alphabet (GOOGL, GOOG)
- Magnite (MGNI)
- PubMatic (PUBM)
- Amazon (AMZN)
- LiveRamp (RAMP)
- Oracle (ORCL)
- DoubleVerify (DV)
- Integral Ad Science (IAS)
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Justin Choo, Founder, Chairman and Chief Executive Officer
Justin Choo is the founder, chairman of the board of directors, and chief executive officer of Knorex, providing strategic leadership and vision for the company's growth and innovation. With over 15 years of experience in the digital marketing industry, he possesses deep knowledge of advertising and marketing technologies. In 2004, he co-founded FiNEX Solutions Private Limited, which provided a real-time stock charting and trading system, and had a successful exit from the company. Before launching Knorex in 2010, he worked as a researcher in the Data Mining Department at A*STAR's Institute for Infocomm Research (I2R). He holds a Ph.D. in Bioinformatics and a bachelor's degree (Honors) in Computer Science from the National University of Singapore.
Tracy Pham, Head of Finance
Tracy Pham serves as the Head of Finance for Knorex, where she supervises a global team and oversees the day-to-day activities of the department. She ensures that all accounting processes and assignments align with current financial legislation. Ms. Pham brings over 12 years of experience as a disciplined and driven accounting professional. She also serves as the Director of Human Resources for Knorex Inc. in the U.S.
Wilson Chandra, Director and President
Mr. Wilson Chandra serves as the President and Board Member of Knorex, bringing over 25 years of experience in sales, marketing, and business acceleration. He is also a co-founder and managing director of Knorex Inc., a subsidiary, and played a pivotal role in expanding the Group's presence in the U.S. market since 2019. Mr. Chandra has served as a venture advisor to several Silicon Valley incubators and accelerators, including GSVLabs and Runway, providing guidance to early-stage startups. He holds a Bachelor of Science and a Master of Science in Electrical Engineering from the University of Southern California.
Abhishek Kumar, Vice President of Product and Engineering
Mr. Abhishek Kumar serves as the Vice President of Product and Engineering and is also one of the founders and the managing director of Knorex India Private Limited. He leads the cross-country technical development teams for the Group. With over 16 years of experience in product design, technical development, and architecting large-scale and real-time systems, he charts the Knorex XPO products and solutions roadmap. Mr. Kumar began his career as a software engineer at Infosys Labs in India in October 2007. He was also invited to serve as a committee member of the Interactive Advertising Bureau (IAB) of Southeast Asia and India. He holds a Master of Management of Technology from the National University of Singapore and a bachelor's degree in electronics and telecommunications.
Phu Le Truong Vinh, Vice President, Operations
Mr. Phu Le Truong Vinh serves as the Vice President of Operations at Knorex. As one of the founding members and founder of Knorex Vietnam Company Limited, he oversees Group operations and the day-to-day operation of the Vietnam office. Mr. Phu brings over 14 years of commercial and research experience and expertise. He started his career as a software engineer at Dirox and later pursued research and development work specializing in Computer Vision at the National University of Singapore.
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The key risks to Knorex (KNRX) business are:
- High Cash Burn and Negative Profitability: Knorex has demonstrated a negative EBITDA of -$5.49 million in the last twelve months and has experienced significant cash burn, with free cash flow being negative ($7 million) for the twelve months ended June 30, 2024. The company's financial results show heavy losses, leading to weak fundamentals and negative shareholder equity.
- Intense Competition in a Fragmented Market: Knorex operates in a highly competitive and fragmented AI advertising market with numerous startups vying for dominance. The company faces significant competition from major industry players that possess large economies of scale and broad brand recognition.
- Short-Term Liquidity Challenges: Knorex currently faces short-term liquidity challenges, as indicated by a current ratio of 0.37. The company operates with moderate debt levels.
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Clear emerging threats for Knorex (KNRX) include:
- The ongoing deprecation of third-party cookies across major web browsers (e.g., Google Chrome) and the proliferation of stricter global data privacy regulations (e.g., GDPR, CCPA). This fundamentally alters the traditional methods of user tracking, targeting, and measurement in digital advertising, requiring significant investment and adaptation in alternative identity solutions and cookieless environments, which could impact Knorex's operational model and competitive advantage.
- The increasing dominance and data restrictions within "walled garden" ecosystems operated by major technology companies (e.g., Google, Meta, Amazon, Apple). These platforms increasingly control user data and ad inventory within their own environments, limiting access for independent programmatic advertising platforms like Knorex to valuable data and audience reach, potentially channeling ad spend away from the open internet to these proprietary platforms.
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Knorex (symbol: KNRX) operates in the programmatic advertising and AdTech markets, offering an AI-driven cross-channel platform called Knorex XPO that enables omnichannel advertising.
Programmatic Advertising Market
The global programmatic advertising market was estimated at USD 678.37 billion in 2023 and is projected to reach USD 2,753.03 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 22.8% from 2024 to 2030. North America held the largest global market share in programmatic advertising, accounting for 32.6% in 2023 and 38% in 2024. The Asia Pacific programmatic advertising market is projected to grow at the fastest CAGR of 24.4% from 2024 to 2030.
AdTech Market
The global AdTech market size was calculated at USD 1.04 trillion in 2024 and is expected to reach approximately USD 7.82 trillion by 2034, expanding at a CAGR of 22.35% from 2025 to 2034. North America dominated the AdTech market with the largest revenue share of 36% in 2024. The U.S. AdTech market alone was valued at USD 279.61 billion in 2024 and is projected to reach around USD 2,155.79 billion by 2034, with a CAGR of 22.66% from 2025 to 2034. Asia Pacific is observed to be the fastest-growing region in the AdTech market.
Omni-Channel Campaign Management Market
The global omni-channel campaign management market size was valued at USD 3.69 billion in 2024 and is expected to climb to USD 24.36 billion by 2033, demonstrating a CAGR of 23.3% during the forecast period from 2025 to 2033. North America is identified as the largest market for omnichannel automated marketing platforms. The Asia Pacific region is a major shareholder for the omni-channel campaign management market share.
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Here are 3-5 expected drivers of future revenue growth for Knorex (KNRX) over the next 2-3 years:
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Geographic Expansion: Knorex plans to expand its geographic footprint, specifically in North America and Asia. This expansion is supported by capital raised from its NYSE American listing, aiming to capture a larger share of the global digital advertising market.
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Enhancement of AI-Powered Platform (KNOREX XPO): The company is continuously investing in and developing its proprietary AI-driven KNOREX XPO platform. This includes expanding its AI and machine learning capabilities to further optimize digital advertising campaigns, enhance cross-channel orchestration, and improve automation, which is central to its offerings.
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Launch and Growth of New Products and Integrations: Knorex is actively introducing new solutions and integrations to its platform. Recent examples include the integration of human-verified B2B data to enable more precise and personalized campaigns, the launch of digital-out-of-home (DOOH) support in late 2023, and the planned integration with Amazon Ads. Additionally, the company is launching a beta version of its customer data platform (CDP), Knorex Pulse, to centralize customer data and enable real-time campaign activation.
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Market Growth in AI-Driven Programmatic Advertising: Knorex operates within the rapidly expanding AI-driven programmatic advertising market. This sector is projected to grow significantly, with a compound annual growth rate (CAGR) of 26.7% and an estimated market value of $220.1 billion by 2030. Knorex aims to capitalize on this substantial industry growth to increase its revenue.
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Share Issuance
- Knorex completed an Initial Public Offering (IPO) on September 29, 2025, issuing 3,000,000 Class A ordinary shares at $4.00 per share.
- The IPO generated gross proceeds of $12.0 million.
- Underwriters were granted a 45-day option to purchase up to an additional 450,000 Class A ordinary shares at the IPO price to cover over-allotments.
Inbound Investments
- The company raised $12.0 million in gross proceeds from its Initial Public Offering in September 2025.
Capital Expenditures
- In the last 12 months, capital expenditures totaled approximately $12,762.
- Proceeds from the IPO are intended to expand Knorex's geographic footprint in North America and Asia and enhance its AI capabilities.
- Future significant capital expenditures may be necessitated by platform development, new products and services development, or infrastructure modifications.
