CIBC Innovation Banking invests £8m into Ometria

London and New York-headquartered customer data platform Ometria has bagged £8m in funding from CIBC Innovation Banking for US expansion.

Retailers use Ometria’s software to create a profile of a brand’s shoppers, which then can be harnessed for marketing efforts.

Fred Perry, Hotel Chocolat, Steve Madden and Emma Bridgewater are among the 200 retail brands using the technology.

Ivan Mazour, CEO and founder of Ometria, said: “The capital will also fuel our ongoing North American expansion, which is a huge market that has shown a clear need for our product.”

The company, which was founded in 2013, has created an AI to optimise marketing efforts and find probable buyers. It can also predict when a customer is about to run out of a product.

CIBC Innovation Banking’s £8m will help the company to continue work on its “AI co-marketer”, Mazour added.

“We are excited to be supporting Ometria at such an important stage of growth,” said Thomas Dods, European director at CIBC Innovation Banking.

“The company has a tremendous opportunity ahead, thanks to the platform’s leading-edge AI capabilities.”

Ometria has received $70m (£56.3m) from investors, including Octopus Ventures, since launch.