First Round-backed Aereo Closes $38 Million Series B Round

Chet Kanojia

Building on its successful 2012 launch in New York City, Aereo, Inc., announced that it plans to expand its operations to 22 U.S. cities in 2013, making its groundbreaking remote antenna/DVR technology accessible to more than 97 million consumers. Those cities identified for expansion are: Boston, Miami, Austin, Atlanta, Chicago, Dallas, Houston, Washington, DC, Baltimore, Detroit, Denver, Minneapolis, Philadelphia, Pittsburgh, Tampa, Cleveland, Kansas City, Raleigh-Durham (NC), Salt Lake City, Birmingham (AL), Providence (RI), and Madison (WI). Using Aereo’s technology, consumers in these markets will be able to record and watch live, local over-the-air broadcast television online, on their compatible, internet-connected devices, subject to capacity. These 22 markets represent the first phase of Aereo’s planned nationwide expansion.

Aereo also announced that it has closed on a $38 million Series B round of financing, led by existing investors IAC and Highland Capital Partners. Previous investors from Aereo’s Series A funding round, including FirstMark Capital, First Round Capital, High Line Venture Partners, and select individuals, also participated in this second round of financing. Today’s announcements were made by Aereo’s CEO and Founder, Chet Kanojia, at the Citi Global Internet, Media & Telecommunications Conference in Las Vegas.

“Aereo’s technology is simply one of the easiest, most convenient ways for consumers to access broadcast television,” said CEO and Founder Chet Kanojia. “We’ve been working hard to bring Aereo to consumers across the country and we’re excited to expand our reach to these 22 new cities. Consumers want and deserve choice. Watching television should be simple, convenient and rationally priced. Aereo’s technology provides exactly that: choice, flexibility and a first-class experience that every consumer deserves.”

Aereo’s innovative technology enables consumers to access live broadcast television on compatible Internet connected devices, at home or on the go. Aereo’s innovative remote antenna/DVR technology makes watching television simple. Using Aereo’s technology, consumers can pause, rewind and fast-forward any program that they are watching live, or save a program for future viewing, just as you can with a home DVR. There are no wires to connect and no box to install, so consumers don’t have to worry about installing equipment or waiting for the ‘cable guy.’ No cable subscription is required to use Aereo and membership plans begin at $1/day, $8/month or $80/year.

Aereo plans to launch its technology in these 22 cities over the course of 2013, starting in late spring. Access to Aereo will be available initially via invitation. Consumers can request invitations through the Aereo website. Aereo also plans to provide in each market Aereo’s Try for Free feature, which allows consumers the ability to access Aereo’s technology to watch television for a continuous one-hour period each day, free of charge.

Aereo is currently supported on iPad, iPhone, Chrome, Internet Explorer 9, Firefox, Safari, Opera, AppleTV and Roku.

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