Mobile video personalisation start-up raises further £850,000 | Media Investment | Business
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A University of Oxford spin-out which has developed a software platform for broadcasters, Covatic, has secured an £850,000 investment.
covatic 11oct2018
Founded in 2016, Covatic is based in Birmingham and has offices in Oxford and London. Its platform is designed to enable broadcasters to deliver personalised content to users' mobile devices and tailored adverts to boost advertising revenues, but without the need to expose any personal data. The platform understands where and when a user is consuming media on their mobile.

This says the company is crucial 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. As personal data is never accessed on the user's mobile, privacy is protected at all times.

Covatic says that the cash injection will see use in bringing its software to market and create six new technical and management jobs. The company 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,” commented 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.”

The new funding was led by the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Fund Managers and part of the Midlands Engine Investment Fund, and also include cash from Oxford Sciences Innovation fund, Creative England, management and private investors. This brings the total investment raised by the company to over £1.6 million.

Said 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.” Added Grant Peggie, director, Venture Solutions at the British Business Bank: “The Midlands Engine Investment Fund was set up to support innovative and growing businesses across the region. This investment in Covatic is a great example of what can be achieved when the MEIF collaborates with other funders to support Midlands-based businesses and further demonstrates the area's strength globally in digital technologies.”