Founded by husband and wife team Michael and Linda Howell, the firm has hopes that the deal will allow it to take a major step forward in fulfilling its ambition to preserve cinematic history and establish a new global hub for film digestion in the UK.
The company will also increase its headcount at a new custom-designed studio in Glasgow city centre.
Michael Howell, co-founder of iMetaFilm, said: “Every day we are losing film footage of enormous historical and cultural importance.
“This latest round of funding will enable us to use our technology to preserve this invaluable content so it can be used across a whole range of areas, whether that’s for social, educational or commercial purposes.”
The company has already secured an impressive list of clients, including the University of Edinburgh and the Library of Congress in the US, home of the largest film archive in the world, thanks to its film-archiving technology.
The latest £400,000 injection is the second round of funding from existing investors Kelvin Capital and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
In February last year, the two organisations provided an initial £217,000 of funding.
Angus Hay, investment director at Kelvin Capital, said: “iMetaFilm has made technical advances never previously seen.
"Not only has it managed to digitise reels that were so fragile and precious, due to the passage of time, and bring previously forgotten footage back to life; but it has developed a process to recover the audio that would have been lost forever.
“Our investors were not only impressed with the iMetaFilm team, but are very excited about the possibilities for this technology and the applications worldwide. We are delighted to be a part of this exciting Scottish business.”
Kerry Sharp, head of the Scottish Investment Bank, added: “iMetaFilm is a great example of the growing, innovative companies that Scottish Enterprise is keen to support.
“We look forward to continuing to work with iMetaFilm as it develops its business and workforce, helping the company to achieve its ambition to be a global force in archive film digitisation.”
iMetaFilm is now looking to the future with high hopes of working with major organisations involved in film and broadcasting to further explore the potential for digitising film archives and sharing them with an audience.
Michael Howell explained: “If Scotland really wants to preserve its sense of self and identity through film, then we need the big players on board.
"We need to delve deeply into the archives at the National Library of Scotland, our universities, and the main broadcasters including the BBC.
“Only then can we fully appreciate, understand and showcase what it means to be Scottish to the wider world.
“But our ambitions go far beyond Scotland. With over 50 million film reels in existence globally, there are numerous possibilities for us to partner with organisations who have yet to tap into the potential of their own film archives.”