MirriAd Secures £2 Million Funding to Accelerate Deployment of Embedded Advertising Solutions
Oxford Technology Enterprise Capital Fund Joins Existing Funding Partners
14th October 2008, London, UK – MirriAd, the embedded advertising specialist, today announces the completion of a £2 million, second round of funding, designed to accelerate the deployment of its innovative advertising solutions in major markets around the world. MirriAd’s major existing investors each participated in the fund raising and were joined by Oxford Technology Enterprise Capital Fund (OTECF) which made one of its most significant investments to date.
MirriAd’s solutions have now been adopted in both Hollywood and Bollywood and agreements are also in place with a range of key partners in the TV and online content owner community worldwide. The new capital allows the company to power its intellectual property and technology development and support sales activity in New York, London and Mumbai.
The last ten years have exposed serious flaws in the industry’s approach to video advertising, both on television and online. Multi-channel television and devices such as the Sky + box, which allow consumers to skip advertising, have diminished the value of traditional ’30 second slot’ in traditional broadcasting and it is a format that has never had a place online. Unfortunately consumers have a very low tolerance for the alternatives – banners, pop-ups and overlays – which they routinely ignore or avoid.
MirriAd’s solution delivers a new advertising service that embeds advertising imagery into the content that is contextual and drives positive emotions from audiences. The imagery embedded can take the form of simple branded objects such as props, backdrops or signage to sophisticated dynamic ads with interactivity such as moving ads on plasma screens. Brand references appear as if they were filmed in the original production and they can be audience specific according to a range of variables including platform (e.g. traditional broadcast, Web or mobile), geography, date and demographic profile.
Speaking on behalf of OTECF Michael Penington commented, “This is the right time for MirriAd’s technology and business model to help content owners and advertisers to address the dynamics facing the world of advertising.’’
Mark Popkiewicz, MirriAd’s CEO added, “MirriAd successfully takes the concept of product placement, the only advertising format that can’t skipped by the viewer, and delivers a scalable and adaptable advertising solution that can be applied to any content, at any time and in any market. The end result benefits all – content free from annoying distractions, audience specific brand placement and a new means to monetise video assets.”
”The opportunities for MirriAd are enormous and this latest capital injection allows us to rapidly develop existing and new business in Europe, North America and Asia.”
