As a result of the financing, the London-based company aims to deliver the next phase of development for its online tool that allows users to add motion-tracking clickable and touchable hotspots to people and objects in video. The business also plans to ramp up its user base with a marketing drive.

Co-founders Steve Callanan and Dan Garraway developed the product after more than a decade in the television production industry. The company’s taggable video tool has gained strong traction in recent months. Early adopters EMI first created a ‘video listening post’ in January 2010, through which viewers could click on relevant objects from a music album in order to hear a track.

Since then wireWAX has secured more than 1500 other users, including broadcaster ITV and producers FremantleMedia FMX. Ex-COO of Last.fm and CEO of ArtFinder Spencer Hyman has also joined the company as a strategic adviser and early investor.

Chief executive Steve Callanan, comments, ‘We feel privileged to have the support of such a stellar cast of angel investors. From the moment we met Passion, it felt right. Their vast experience, notable accolades and all round approachable nature makes this an exciting partnership for us as we take some significant steps forward.’

Prominent angel investors Stefan Glaenzer, Eileen Burbidge and Robert Dighero launched Passion Capital in March this year. The £37.5 million fund invests in early-stage UK digital media and technology businesses.

Glaenzer welcomed adds, ‘We’re very excited about the technology developed by wireWAX and the value it can bring to video content. The opportunity to engage viewers and enrich video material by generating interactivity, further breadth of material and commerce opportunities is limitless.’