Artificial Intelligence (AI) company Ocula Technologies has confirmed that it has received new investment from Lloyds Banking Group and its Fintech Investment Team.
Lloyds’ investment is in the form of new equity capital and completes the funding round previously announced in November 2022. Less than two years since its formation, it values Ocula on a post new money basis at £10m.
“We are delighted to invest in Ocula to support its ongoing development of a decision intelligence platform,” said Kirsty Rutter, Fintech Investment Director at Lloyds Banking Group.
“Ocula’s proposition integrates well with our existing technology capabilities, and helps the Group continue to meet customer demands for a more personalised service from their banks.”
Ocula’s software platform enables companies to make smarter, AI-driven decisions. Its insight modules are helping major retailers, brands, and sports teams in the UK and North America optimise their e-commerce experience and compete more effectively on pricing.
Ocula has worked with UK retailers such as Hornby Hobbies and AO World to assess and enhance their ecommerce through advanced analytics. Among Ocula’s most high-profile clients is the NFL franchise, the Kansas City Chiefs, who just won the Super Bowl last February.
Ocula’s algorithms used multiple data sources to create a set of prices for each game. The UK technology company’s involvement with the Chiefs led to a 14% increase in revenue for the team on route to their Super Bowl victory.
Thomas McKenna, Ocula CEO and Co-Founder, added: “This funding will enable us to fuel our ambitious future development and client plans for our two insight modules, Ocula Boost and Price Optimisation.
“We look forward to further building on our recent success with cornerstone clients such as the Kansas City Chiefs and AO.”