Covatic, a Birmingham, UK-based developer of a software platform for broadcasters, secured £850k in funding.
The round – which brought total funding raised by the company to over £1.6m – was led by the MEIF Proof of Concept & Early Stage Fund, managed by Mercia Fund Managers and part of the Midlands Engine Investment Fund, with participation from Oxford Sciences Innovation fund, Creative England, management and private investors.
The company intends to use the funds to bring its software to market and create six new technical and management jobs.
Founded in 2016 as a University of Oxford spin-out and led by Nick Pinks, CEO, Covatic has developed an innovative platform that enables broadcasters to deliver personalized content to users’ mobile devices and tailored adverts to boost advertising revenues, but without the need to expose any personal data. It understands where and when a user is consuming media on their mobile – an insight that can provide guidance on the most appropriate format, for example an audio clip when walking to the station and downloaded material to read on the train.
The company – based in Birmingham with offices in Oxford and London – has already delivered a successful prototype for the BBC and is in commercial discussions with a number of key global broadcasters currently interested in rolling out its software platform by the end of 2018.