Motive Television has raised just over £1m through a share placing.

It said the net proceeds, which amount to approximately £950,000, will be used for working capital and growth purposes.

Motive chief executive Leonard M. Fertig said:  “We are pleased with the level of demand that we have received from both existing and new investors in the placing. 

“The addition of these new funds means that Motive now has sufficient capital to fund its operations until operating cash break-even.  We continue to make very good progress with our existing customers and remain confident about Motive’s future prospects.”

£1,020,000 has been raised through the issue of 728,571,429 shares in the company at 0.14 pence per share.

Motive Television’s Television Anytime Anywhere service enables broadcasters to offer on-demand content with a platform for viewers to interact, control and watch internet-connected home television from a computer, mobile phone iPad or any other internet connected device.