Roku raises $60 million in funding to gain bigger consumer TV market

roku_60_million_funding

Roku raised a huge $60 million round financing led by Fidelity along with Hearst Corp. Previous strategic investors, BSkyB, News Corp. and Dish, are also included in the funding. According to Roku’s CEO, Anthony Wood, they’ve raised total of $130 million in 2 years. He said the new funding will help Roku get its device software and operating system get ready for the new wave of smart TVs. Roku is planning on creating a decent platform for the TV manufacturers for better and consistant user experience.

There are many players in the competitive TV media hub industry and Roku is planning to use the new cash to expand Roku Ready program, which includes 24 various hardware partners. Apple’s Tim Cook had also hinted earlier this month that TV is still a very high interest area for them. We’ll see how Roku can compete with this growing market.