ARTIFICIAL Intelligence (AI) specialist Ocula Technologies, which helps clients grow their e-commerce profit and loss, is setting up a software development centre in Belfast.
And it says its £11 million investment in research & development (R&D) will grow its existing team of 10 highly technical staff to more than 50 staff over the next three years.
Co-founded by Thomas McKenna and Dr Gregory Fletcher, Ocula has set up a base in River House in Belfast, where it will develop an advanced insight platform to deliver what it says is a vision of “creating the online winners of tomorrow, through actionable AI today.”
To date, it has helped major global brands such as this year’s Super Bowl winner Kansas City Chiefs, AO and Boots to optimise their e-commerce experience and compete scientifically on pricing.
Mr McKenna,the company's chief executive, said: “We want to level the AI playing field for our clients so they can compete with the most advanced players in their fields.
“The effortless, impactful AI software that Ocula provides is now more important than ever due to the explosion of generative AI and all the benefits it can deliver.
“With its rich talent pool, we certainly made the right decision in choosing Northern Ireland to help us build this capability. Our team here has developed our new software platform which is at the cutting edge of AI and is already benefitting some of the largest brands in the world.
“For example, we have helped the Kansas City Chiefs deliver significant revenue uplifts of 15 per cent.”
He added: “We want to continue pushing the limits of innovation and building on our success in markets such as North America, where we are aiming to achieve significant sales by the end of 2024.”
Supported by Invest NI, Ocula has also secured £5m in investment from UK-based Lloyds Banking Group and the Castelnau Group.
Anne Beggs, Invest NI’s director of trade & investment, said: “An ambitious company like Ocula Technologies had many options to establish its headquarters.
“So choosing Northern Ireland is an important vote of confidence in our talent, infrastructure and R&D capabilities and the company is a great addition to our thriving software development sector.”
She added: “R&D is a key component of the Department for the Economy’s 10x Vision, which will drive Northern Ireland’s future economic success. The benefits of investing in R&D are rich, and Ocula is testament to how R&D can enable the development of game changing products which can drive competitiveness in the global marketplace.
“To support the commercialisation of Ocula’s R&D in both GB and the US, the company is also working with our trade division, which is supporting its presence at two upcoming key e-commerce events in GB and the USA.
“In addition, our team in the US has provided advice and guidance on growing sales in the market, including supporting the company during a trade mission to Atlanta.”
