UK-listed television company STV Group has joined the investment consortium backing Mirriad, which adds advertising into programmes and has hired veteran broadcaster Peter Bazalgette (pictured) as chairman.
STV and venture capital firm Oxford Capital Partners made the investment as part of the company’s third round of funding.
Anmar Kawash, chief operating officer at STV, said: "STV is both a content maker and a national broadcaster offering solutions to advertisers and Mirriad’s products and processes provide an innovative way of adding value to both."
Bazalgette, former board director at Endemol and Channel 4, said: "This is a seminal moment for product placement. With its legalisation in Europe, with the desire of brands to get closer to content and with Mirriad’s compelling digital solution I look forward to an exciting growth phase for the company."
Mirriad had raised £2m ($3.2m) in October 2008 and the same amount the year before from London Seed Capital, Oxford Technology Management, South East Growth Fund and by private investors led by Seraphim Capital.