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Aereo gets $34 mn additional funding
MUMBAI: Aereo has announced that it has closed a $34 million Series C round of financing. Aereo’s remote (cloud-based) antenna/DVR technology aims to make watching television simple and user-friendly. Using Aereo’s technology, consumers can pause and rewind any program that they are watching live, or save a programme for future viewing.
US broadcasters are unhappy with Aereo as it does not pay a retransmission fee for the free to air networks. In the past, there have been lawsuits. The new round of financing will support Aereo’s rapid nationwide expansion and increased investments in hiring and technology.
IAC was joined by media investor Gordon Crawford and Himalaya Capital Management, as well as existing investors Highland Capital Partners, FirstMark Capital and others for this additional round of funding. Crawford worked at Capital Research and Management for 41 years. Himalaya Capital Management is led by global investor and human rights activist Li Lu.
Aereo CEO and Founder Chet Kanojia said, “Aereo experienced tremendous growth in 2013 and we expect 2014 to be another blockbuster year. Last year at this time, Aereo was launched in only New York City. Today, Aereo is available in 10 markets and will grow to 15 by the end of the quarter. In 2013, we also launched our first native app for Android, made improvements to enhance the user experience and more than doubled our employee headcount. Consumers are craving choice and options and as a result, we continue to see explosive growth across all our markets.
“Aereo has scaled very quickly in 365 days and this additional funding will allow us to maintain this rapid pace of growth. We are thrilled to have a world-class group of investors who believe innovative, cloud-based technologies, like Aereo, are the future”.
Aereo is currently available to residents in York City, Boston, Atlanta, Miami, Salt Lake City, Houston, Dallas, Denver, Detroit and Baltimore. Aereo membership begins at $8 per month, for access to Aereo’s cloud-based antenna/DVR technology and 20 hours of DVR storage. For an additional $4, consumers can upgrade their membership and receive 60 hours of DVR storage for a total of $12 per month. Consumers who join Aereo will get their first of month of access for free.
Aereo’s technology works on ‘smart’ devices from tablets to phones to laptop computers. Aereo is currently supported on iPad, iPhone, iPod Touch. The Aereo for Android app (currently in beta) is available for download for devices running Android operating system version 4.1 or higher. Aereo is also supported on Chrome, Safari, Internet Explorer 9, Firefox, Opera, AppleTV (via airplay) and Roku platforms.