2022 RTIH Innovation Awards winner Ocula Technologies bags investment from Lloyds Banking Group

Ocula Technologies has received new investment from Lloyds Banking Group and its FinTech Investment Team.

The SaaS startup aims to let retailers harness the power of AI to enable data driven decisions and quickly optimise its platform.

It says that it wants to give retailers without in-house data science teams, the ability to access the benefits of AI and not get left behind by the likes of Amazon and Alibaba.  

Lloyds Banking Group’s investment is in the form of new equity capital and completes a 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.

The company has worked with retailers such as Hornby Hobbies and AO World.

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

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

RTIH INNOVATION AWARDS

Ocula Technologies was highly commended in the Startup of the Year (UK) category at the 2022 RTIH Innovation Awards.

Our 2022 winners were revealed at a sold out event in central London on Tuesday, 6th December.

RTIH Editor, Scott Thompson, said: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”

“Thanks to all those who entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”

“Congratulations to our 2022 retail technology hall of fame entrants.”