Broadcast-television streaming service Aereo has raised $34 million of Series C funding to continue expansion into new markets, and add to the company's headcount.
The move brings Aereo's funding to a total of $92.4 million following Series A and Series B capital infusions.
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Aereo CEO and founder Chet Kanojia (pictured above) will announce the recent capital raise at the Citi 2014 Internet Media & Telecommunications Conference on Wednesday morning. In addition to providing capital for new employees and technology, Kanojia said Aereo plans to push into five new cities.
Aereo is currently available in Atlanta, Baltimore, Boston, Dallas, Denver, Detroit, Houston, Miami, New York and Salt Lake City.
"Aereo has scaled very quickly in 365 days and this additional funding will allow us to maintain this rapid pace of growth. We are thrilled to have a world-class group of investors who believe innovative, cloud-based technologies, like Aereo, are the future," founder and chief executive Chet Kanojia said in a press release.
The funding is another vote of confidence in Aereo's business, but also its legality. The company currently awaits word of whether it will need to face television broadcasters at a Supreme Court hearing.
Aereo has already won numerous court cases against television companies, including a 2-1 decision at the U.S. Court of Appeals for the Second Circuit.
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