Aereo (formerly Bamboom Labs), a Long Island City, NY-based new Internet based television solution for consumers, raised $20.5m in Series A financing.
The round was led by IAC (NASDAQ: IACI), with participation from existing investors FirstMark Capital, First Round Capital, High Line Venture Partners,
Highland Capital Partners and unnamed individuals.
In conjunction with the funding, IAC Chairman & Senior Executive, Barry Diller, has joined Aereo’s Board of Directors.
Led by Founder and CEO Chet Kanojia, Aereo provides a proprietary remote antenna and DVR that consumers can use to access network television on web-enabled devices such as smartphones and tablets, and through internet TV solutions such as AppleTV and Roku. 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. No cords or cable required.
Members must be New York City residents and may register at aereo.com.