Technology

Roku receives $60 mn investment from institutional investor

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MUMBAI: California headquartered Roku, which creates streaming software platform for delivering video, music and casual games to the TV has announced that it has received a $60 million investment that readies the company for growth around its streaming software and services businesses. Led by institutional investors, the investment includes participation from large global media and television distribution companies.

Two new Roku investors participated in the Series F round-the institutional investor and Hearst. They join prior Roku investors, including BSkyB and News Corp in the Series F round.

The new investment will fuel Roku?s growth which has accelerated in the last year. Best known for its lineup of streaming players, including the new Roku 3 which has quickly become the new streaming standard in the US, the company is extending its streaming platform by working with other consumer electronics brands. Today, Roku is working with two dozen OEMs who are making more than 3.5 million Roku Ready? devices, predominantly TVs that will be in retail by the end of the year. Roku Ready devices access the Roku streaming platform through the Roku Streaming Stick?, a small USB-sized device sold by Roku. In the coming months, Roku will continue to expand access points to its streaming platform.

Hearst Ventures senior MD Ken Bronfin said, "Roku has built a strong brand that is widely recognised for great technology and a broad selection of high-quality content. We are truly impressed that Roku has built such a unique position in the market and we look forward to working with them to develop innovative products and services for our television audiences."

As well as expanding distribution for its platform, Roku continues to provide streaming entertainment made for the TV experience. Last year Roku had streamed more than one billion hours of video and music.

Roku founder and CEO Anthony Wood said, "Roku has a significant portfolio of investment and strategic partners with very successful global businesses. Their recognition of our brand success and belief in the Roku platform is a tremendous endorsement of our potential to shape the future television experience."

"BSkyB and News Corporation are exceptional partners and we look forward to deepening our relationship with Hearst in the months to come," he added.

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