wireWAX wires up a $500k investment from Passion Capital

wireWAX, a startup which lets users add clickable tags to faces and objects web videos (the tags also move with the object), has secured investment from Passion Capital, the early-stage investment fund managed by leafing european angel investors, Stefan Glaenzer, Eileen Burbidge and Robert Dighero. No figure was released but our sources say it was in the $500,000 realm. ex-COO of Last.fm and CEO of ArtFinder Spencer Hyman joins as a strategic advisor and earlier investor.

wireWAX’s technology is a cross-platform SaaS tool but its not limited to Flash web sites. It’s also available in a native touchable video version for use on the iPad or other Flash-restricted devices. Developed by co-founders Steve Callanan and Dan Garraway based on the former’s 10 years of experience at his TV production company.

I’ve used wireWAX and the experience is extremely good – it’s very easy to click on what you want more information about as the clickable tags move around with the object they are tracking.

As a result, clients have come on board giving the startup significant early tracking. Last year EMI has created a ‘video listening post’ through which viewers could click on relevant objects from a music album in order to hear a track. wireWAX now 1500+ other subscribers including FremantleMedia FMX. Fashion retailer Oki-ni is using it to create ‘shoppable- videos’ where click-through rates have reached 58% with a 1% conversion on an average product value of $254 – quite a lift.

It’s also interesting to note that Passion Capital spotted the startup at GeeknRolla in London this year.

This is the third Passion Capital investment since announcing a £37.5 million early-stage fund this year.