New York-based Bamboom Labs has raised $4.5 million in seed financing to help develop its infrastructure technology, designed to help consumers watch live TV over the Internet. New York-based FirstMark Capital led the round, which included money from High Line Venture Partners, SV Angel/Ron Conway, First Round Capital, and Highland Capital Partners. Bamboon Labs was started by Chet Kanojia, whose previous venture, Navic Networks, was backed by FirstMark Capital and acquired by Microsoft in 2008.
Bamboom Labs, the leading provider of infrastructure technologies designed to allow consumers access to live TV over the Internet, announced today that it has raised $4.5MM of seed funding led by FirstMark Capital, a New York City-based venture capital firm investing in early stage technology companies. Additional investors in the round included High Line Venture Partners, SV Angel / Ron Conway, First Round Capital, and Highland Capital Partners.
Bamboom Labs was founded by Chaitanya “Chet” Kanojia, a serial entrepreneur who most recently founded and led Navic Networks as CEO through its successful acquisition by Microsoft in 2008. Navic’s ground breaking technology allowed for the real time collection of set top box data at scale and created the first advertising platform that provided “Internet-like” targeting and buying to the traditional television markets. FirstMark Capital, along with several other investors in Bamboom, had backed Navic Networks.
Bamboom Labs has invented advanced technologies to equip customers with the ability to access live free over-the-air broadcast signals securely over the Internet, and direct it to IP-enabled devices on their own terms for the first time. The team includes outstanding veteran engineers from Navic Networks and Microsoft, combined with world class RF and digital engineers from Andrew Corporation, Lucent and others. The result is a unique and powerful team capable of enabling an incredible consumer video experience.
“The opportunity to partner again with Chet and other members of the team was an absolute no brainer,” said Amish Jani, Managing Director at FirstMark Capital. “If you think of the biggest moments on television, they happen live. Bamboom provides consumers the first and only way to bring those moments to you wherever you go in your local market with the latest in web-based technologies powering the experience.” As part of the financing, Amish Jani will join the Company’s Board of Directors.
“When consumers move television into the cloud, they get a powerful set of new features never possible before. Remote DVR functionality, place shifting, seamless integration with social streams, direct access to news and interactive content, and powerful ways to navigate and discover new programming — all these become possible,” said Shana Fisher of High Line Venture Partners.
Bamboom Labs is actively working with early members of a closed Beta. The Company anticipates rolling out additional invitations to select groups over the coming weeks and is accepting email addresses on their waitlist at www.bamboom.com for a broader launch.
“Bamboom Labs is a big, bold idea founded on allowing consumers to control the integration of television and web media across platforms. Our goal is to make consumers king once again and to enable a magical experience,” said CEO Chet Kanojia.
ABOUT BAMBOOM LABS
Bamboom is a bold new technology that revolutionizes the way consumers watch broadcast TV. Based in New York, NY, Bamboom provides the only true infrastructure platform that enables consumers to access live, over-the-air television the way they want to watch it, when they want to watch it, and on what device they want to watch it. With Bamboom technology, consumers are freed from the typical TV experience, restrictive and expensive packages, and from wires, boxes and outdated and hard-to-use technology. TV, DVR and library services become mobile, social, and always available on the devices you already have. Bamboom is poised to become the most vibrant, open entertainment video platform for the connected age. For more information, visit www.bamboom.com.
About FirstMark Capital
Based in New York City, FirstMark Capital invests in ground-breaking companies that are creating new markets with innovative technology solutions or fundamentally changing existing markets by applying a fresh approach and new business model. A venture leader with nearly $2 billion in capital commitments, FirstMark’s team of investment and operations professionals have decades of real-world experience and leadership in core technology markets, making the firm uniquely qualified to offer industry insight, relationships and the operational expertise to build lasting businesses. Select historical investments include: Netgear (NASDAQ: NTGR); First Advantage (Acquired by First American Corporation); StubHub (Acquired by eBay); Netegrity (Acquired by CA); Flarion (Acquired by Qualcomm); OutlookSoft (Acquired by SAP); Vallent (Acquired by IBM); Navic Networks (Acquired by Microsoft); Boomi (Acquired by Dell); and Riot Games (Acquired by Tencent Holdings). Current investments include: SecondMarket, Knewton, OpenGamma, Pinterest, Shopify, Clickable and Lumos Labs. For more information, please visit: www.firstmarkcap.com.