£850,000 funding brings Covatic to Birmingham

Oxford University spin out business Covatic is moving its operations to Birmingham after securing £850,000 of investment.

The company, founded in 2016, received the cash boost for its relocation from the Midlands Engine Investment Fund (MEIF) Proof of Concept and Early Stage Fund, which is managed by Mercia Fund Managers on behalf of MEIF.

Covatic’s software platform enables broadcasters to deliver personalised content to a users mobile phone, as it understands when and where a user is consuming media on their mobile. This allows media companies to deliver personalised content and tailored adverts to the user, boosting advertising revenues without exposing any of the users personal data.

Overall the business has raised £1.6m which, in addition to the funding from MEIF, consists of funding from the Oxford Sciences Innovation Fund, Creative England, and other private investors.

The funding will now enable the business to bring its software to market as well as creating six new technical and management jobs.

Nick Pinks, CEO of Covatic, said:”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.”

Covatic has already delivered a successful prototype for the BBC, and it is already in discussions with a number of key global broadcasters.

Fund principal of Mercia Fund Managers, Julian Dennard, added:”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.”

Pat Hanlon, Greater Birmingham & Solihull Local Enterprise Partnership (GBSLEP) board director for access to finance, said:”MEIF’s funding for Covatic will be instrumental in helping the firm to create highly skilled jobs , whilst bringing its software to market and gaining new clients. The regions tech sector is stronger than ever, highlighting the importance of investing in digital companies with significant growth potential.”

“Supporting Covatic demonstrates our commitment to growing economic opportunities, creating private sector jobs and helping companies in the tech and digital industries.”