TV technology firm Motive Television has raised £550,000 through the placing of 366m shares.

The funds will be used to fund the company’s growth in global markets and to provide working capital.

Motive chief executive Leonard M. Fertig said: “We are pleased to have completed this placing with new and existing institutional investors which demonstrates continued confidence in our progress and future profitability.”

The London-based company has started pre-launch testing of its TV-Anytime technology at Turkish satellite broadcaster Digiturk following 18 months of development.