Roku Closes Series C, Plans Expansion
Set-top box manufacturer Roku Inc. announced today that it closed a new round of financing from Menlo Ventures , just as the company looks to expand its content beyond streaming online video from Netflix Inc. (Nasdaq: NFLX)
The funding round is the company's third, and follows closely a Series B round that Roku received from Netflix in January. Terms of the most recent funding round were not disclosed.
In May, Roku introduced a $99 Internet-connected set-top box that allows users to stream video from Netflix's "Watch Instantly" online video service direct to their television sets. That seems like a value, especially as Netflix has improved both the quantity and the quality of the content available through its streaming service, which now serves up 12,000 titles, including some first-run films through a licensing deal with Starz Entertainment LLC 's Starz Play online video service.
But Roku is looking beyond Netflix content and planning to open up to other content partnerships. Last month CEO Anthony Wood announced that the company would release a software development kit (SDK) to IP video publishers that wanted to reach user living rooms through the Roku set-top box.
Read on, at Contentinople.
— Ryan Lawler, Senior Editor, Contentinople