Mirriad to insert shares into Aim

Mirriad, a UK-based video technology spinout from University of Surrey, is targeting £26.2m ($35m) in gross proceeds in its initial public offering on Aim.

Mirriad, which will enter the public markets under the ticker symbol Miri on December 19, will sell approximately 42.2 million new shares priced at £0.62 each. The flotation will result in a market cap of £63.2m.

Commercialisation firm IP Group has committed £3.7m to the offering and will own a 27.2% stake following completion of the IPO.

Founded in 2008 as Mirriad Advertising before restructuring and rebranding in 2015, Mirriad has created native in-video advertising technology that allows for branded content to be inserted into existing media, making it appear as though they were always part of the scene.

The platform also makes use of artificial intelligence technology to automatically identify scenes that are most suitable for advertising.

Multi-family office Sand Aire led a £1.4m funding round in July 2017 that included unnamed backers.

Mirriad closed a $15m funding round in January 2016 co-led by IP Group and spinout-focused investment firm Parkwalk Advisors. The round also featured Unilever Ventures, the corporate venturing arm of consumer products group Unilever.

Parkwalk Advisors invested undisclosed amounts in May and December 2015, according to the firm’s website. Mirriad disclosed in its regulatory filing related to the IPO that it secured a total of £10.5m in financing in 2015 from Parkwalk and IP Group subsidiary IP2IPO.

Asia Today, a subsidiary of media and entertainment group Zee Entertainment Enterprises, led a £3.6m funding round in 2013, after media firm STV and venture capital firm Oxford Capital Partners had provided an undisclosed amount in 2010.

Seraphim Capital, London Seed Capital, Oxford Technology Management, South East Growth Fund and private investors had previously invested £2m in 2007, before returning to inject another £2m the following year.

Numis Securities is acting as nominated advisor, broker and joint bookrunner for the placing, with Baden Hill also serving as joint bookrunner. 

Mark Reilly, head of technology at IP Group, said: “Our involvement with Mirriad is a great example of the value that IP Group can add to innovative technology companies, contributing business building expertise and practical support.

“We are very pleased to see the company reach this milestone having supported its growth in recent years.”