Aereo, the New York based technology startup raises $38 million, reports Liana B Baker of Reuters. The investment was led by media based firm IAC along with Highland Capital Partners. This is the largest sum of funding till date, as earlier the company had raised $ 20.5 million which was led by IAC last February. The total revenue of the company after the funding has not been disclosed.
Incorporated in February 2012, Aereo is a technology based firm that allows consumers to watch television through internet connected devices, using remote antenna or DVR technology. This service is available to users in New York currently; but after the recent funding, an initiative is taken by the company to widen the service across 22 cities including Chicago, Houston and Miami. After covering the first phase of national expansion, Aereo stated that they will reach out to cities like Philadelphia, Washington, Denver, Minneapolis, Pittsburgh, Tampa and Cleveland without confining it to a particular geographical area.
The service of the company was availed to subscribers for $12 per month initially. Consumers can receive stream live broadcasts of TV channels on their phones, tablet computers and other devices which have individual antennas. Users can watch major broadcasts channels including NBC, FOX, CBS, ABC, the CW, PBS and Telemundo amongst others.
Another interesting feature of Aereo is that it supports iOS devices including iPad, iPhone, Safari on MacBook, AppleTV and Roku. It is posing as a threat to the television industry with the prescence of diverse features in the app.