The SaaS-focused venture capital firm Cornerstone Ventures has successfully sold Intelligence Node, a platform for retail analytics and artificial intelligence. A $100 million (Rs 849.5 crore) acquisition by the multinational advertising behemoth Interpublic Group (IPG) allowed for the exit. The departure comes after the acquisition of Intelligence Node by the multinational advertising conglomerate Interpublic Group (IPG).
This is the second exit for Cornerstone Ventures Fund I, following the 2021 acquisition of Wigzo Technologies by logistics unicorn Shiprocket. Some of the remaining 19 portfolio companies are scheduled for liquidity events in the near future, and the fund claims to have returned about 20% of the corpus raised with just two exits.
The fund is expected to return approximately 100% of the corpus over the next 18 to 24 months and provide a 3.5 to 4X multiple over the course of its lifetime (an additional 5 years to go), according to managing partner Abhishek Prasad of Cornerstone Ventures.
AI-driven solutions from Intelligence Node, which was founded in 2012, enable companies to maximize their pricing and digital shelf presence.
The portfolio of Cornerstone Ventures includes SaaS + Marketplace models like Blubirch, Credilio, and Mystifly, as well as well-known companies in the Service SaaS space like ManageArtWorks, THB, EnParadigm, WatchYourHealth, and Credit Nirvana.
