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Internet TV platform Aureo secures $20.5m in Series A round

15 Feb 2012

Internet-based television platform Aereo has secured $20.5m in Series A financing led by Nasdaq-listed IAC, in a round that also saw participation from FirstMark Capital, First Round Capital, High Line Venture Partners and Highland Capital Partners.

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 platforms such as AppleTV and Roku.

Members will have access to 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.

“Aereo is the first potentially transformative technology that has the chance to give people access to broadcast television delivered over the internet to any device, large or small, they desire. No wires, no new boxes or remotes, portable everywhere there’s an Internet connection in the world - truly a revolutionary product,” said IAC chairman Barry Diller, who has also joined Aereo’s board of directors.

Recently FirstMark Capital also participated in a $30m Series C financing round for New York-based artisanal food and wine retailer Lot18. The round was led by venture heavyweight Accel Partners, and also received backing from existing investors including FirstMark and New Enterprise Associates.

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