Covatic, which is a Birmingham, UK-based developer of a software platform for broadcasters, secured £850k in the funding round.
The round which brought total funding raised by the company to over £1.6m – was led by the some of the prominent investor which includes the MEIF Proof of Concept & Early Stage Fund, which is also been 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 as of now has a plans to use the funds to bring its software to market and create six new technical and management jobs.
The startup which is founded in the year 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.
“The future of TV is personal, but the industry is lacking the right technology to achieve this,” said Covatic CEO Nick Pinks. “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'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.”
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