A University of Oxford spin-out has raised £850,000 in an investment round led by MEIF Proof of Concept & Early Stage Fund.
Birmingham-based Covatic is aiming to revolutionise the future of TV. It has developed a software platform for broadcasters that enables them to deliver personalised content to users’ mobile devices and tailored adverts to boost advertising revenues.
Crucially, the company has developed a way to do this without the need to expose any personal data, meaning their privacy is protected at all times.
Instead, its technology can pinpoint where and when a user is consuming media on their mobile. This can provide guidance on the most appropriate format that the user needs to see, such as an audio clip when walking to the station or downloaded material to read on the train.
The CEO of Covatic, Nick Pinks, explained the concept of his company:“The future of TV is personal, but the industry is lacking the right technology to achieve this. We help broadcasters learn what their audiences want on an individual basis and deliver the right content and advertising, giving them an unrivalled experience.”
The MEIF Proof of Concept & Early Stage Fund is managed by Mercia Fund Managers and part of the Midlands Engine Investment Fund. The fund, which also includes backing from Oxford Sciences Innovation fund, Creative England, management and private investors, brings the total raised by Covatic to over £1.6m.
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Julian Dennard, Fund Principal with Mercia Fund Managers, said:“The ability to personalise data has been a major factor in the success of tech giants like Amazon and Google. Covatic’s platform allows broadcasters to tailor their content to individual consumer needs and this funding will allow the company to begin tapping into a huge potential market.”
The cash will allow the company to bring its software to market and create six new technical and management jobs.
Since it was founded in 2016, Covatic has delivered a successful prototype for the BBC and intends to roll out its software platform by the end of 2018.