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Lloyds Banking Group invests in Ocula Technologies

Source: Ocula technologies

Artificial Intelligence (AI) company Ocula Technologies has today confirmed that it has received new investment from Lloyds Banking Group and their Fintech Investment Team.

Lloyds Banking Group’s 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 £10 million.

Ocula’s software platform enables companies to make smarter, AI-driven decisions, and compete with market leaders. To date 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 American football team, the Kansas City Chiefs, winner of the Super Bowl in 2023. Ocula’s algorithms used multiple data sources to create the perfect set of prices for each game. The UK technology company’s involvement with the KC Chiefs led to a 14 per cent increase in revenue for the team on route to this month’s Super Bowl victory.

“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.” Thomas McKenna, Ocula CEO and Co-founder.

“We are delighted to invest in Ocula to support its ongoing development of a decision intelligence platform. 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.” Kirsty Rutter, Fintech Investment Director, Lloyds Banking Group

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