SOURCE: Aereo

Aereo

February 14, 2012 11:45 ET

Aereo Announces $20.5M Series A Financing Led by IAC; New Technology Platform Allows Consumers Access to Live TV Over the Internet

Barry Diller Joins Aereo's Board of Directors

NEW YORK, NY--(Marketwire - Feb 14, 2012) - Aereo (formerly Bamboom Labs), a new Internet based television solution for consumers, announced $20.5 million in Series A financing led by IAC (NASDAQ: IACI). Previous investors, including FirstMark Capital, First Round Capital, High Line Venture Partners, Highland Capital Partners and select individuals, participated in the round, bringing Aereo's total funding to approximately $25 million. IAC Chairman & Senior Executive, Barry Diller, has joined Aereo's Board of Directors.

Today, Aereo provides an easy to use, 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. Aereo's 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.

"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 Mr. Diller.

"Barry's vast experience and knowledge of the television industry and his exceptional expertise in building successful and transformative companies is invaluable to Aereo. We are thrilled to have him join our Board of Directors and thrilled about our strategic collaboration and mentorship," said Chet Kanojia, Founder and CEO of Aereo.

Prospective Aereo members must be New York City residents and may register at aereo.com. Beginning March 14, members will be entitled to a 30-day free trial and the membership fee is $12 per month. Aereo's technology offers a high quality, high definition television experience to the consumer and it includes the Internet portability that has become so essential to our lives. Aereo's sleek design and easy-to-use controls provide seamless navigation experience across devices. Aereo also integrates social network capabilities enabling users to share, chat and discuss shows in real-time with other Aereo members via Facebook and Twitter.

Membership is subject to availability. For more information, visit aereo.com; Twitter @aereotv; Facebook/Aereo; LinkedIn/Aereo.

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