Ocula Technologies: Belfast AI firm to invest £11m in R&D

Ocula Technologies works in e-commerce

Belfast-based artificial intelligence (AI) company Ocula Technologies is to invest £11m in research and development (R&D).

The firm is developing its Software Development Centre and hopes to grow staff from 10 to 50 within three years.

Ocula Technologies works in e-commerce, with clients such as Super Bowl winner Kansas City Chiefs as well as Boots.

It helps firms optimise their e-commerce experience and compete scientifically on pricing.

CEO and co-founder Thomas McKenna said: "With its rich talent pool, we certainly made the right decision in choosing Northern Ireland to help us build this capability.

"Our Northern Ireland team has developed our new software platform which is at the cutting edge of AI and is already benefiting some of the largest brands in the world - for example, we have helped the Kansas City Chiefs deliver significant revenue uplifts of 15%.

"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."

'Game-changing products'

Anne Beggs of Invest NI added that R&D was 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," she said.

"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 Ocula's presence at two upcoming key e-commerce events in GB and the USA."