Aereo, a start-up formerly known Bamboom Labs, announced $20.25 million in venture funding to support its upcoming launch of a TV streaming service in New York City.
Aereo concept is to provide each subscriber with a dedicated, miniaturized antenna and DVR installed in its data center. The antenna captures free, over-the-air TV content, which is then streamed over IP to the subscriber’s laptop, tablet, smartphone, AppleTV or Roku set-top-box. Aereo’s members will have access to all of the major networks including CBS, NBC, FOX, ABC, CW and PBS, as well as other local channels and will have the ability to store up to 40 hours of programming through their Remote DVR.
The new Series A financing was led by IAC. Previous investors, including FirstMark Capital, First Round Capital, High Line Venture Partners, Highland Capital Partners and select individuals, participated in the round, bringing Aereo’s total funding to approximately $25 million.
Aereo will begin signing up members in NYC on March 14. The service is priced at $12 per month.https://aereo.com
