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Aereo Gets More Funding, Sets Expansion

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Light Reading
1/9/2013
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LAS VEGAS -- Building on its successful 2012 launch in New York City, Aereo, Inc., today 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 today 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. To watch a replay of the event, visit: http://www.veracast.com/webcasts/citigroup/imt2013/65204406.cfm. "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 Inc.

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