It says it’s taking an unspecified amount led by Oxford Capital Partners and STV, together with previous venture capital firms and individual backers.

At the same time, it’s appointing former Endemol exec Peter Bazalgette as chairman; Baz is already on several digital media boards it’s not stated whether he is among MirriAd’s investors.

MirriAd has worked with movie studios to embed brands in scenes in post-production, and and has latterly developed a tool, Videosense, to do the same for other videos, including web videos.

But it’s the growing relaxation of TV product placement rules around Europe, including the UK, that is set to mean a big opening in this sector in the next few years, meaning MirriAd could take off in its home market.

The company has already developed a trial for ITV (LSE: ITV) in which it places custom ads on billboards inside Coronation Street.

Ads can be customised depending on the audience market. See how it works in the video below…

MirriAd took a £2 ($3.07) million first round in 2007, an equal amount in October 2008, then a £1.5 ($2.29) million grant in January 2009 before this latest investment.

Release.