Philo, which touts itself as a “next-generation TV platform” and works with Elon Unviersity, has raised $10 million in new venture capital funding.
Capitol Broadcasting’s New Media Group, of which WRAL TechWire is part, participated in the funding.
The NMG had invested in the company earlier as well in a $6.3 million round two years ago. At the time the company was named Tivili.
Silicon Valley-based venture capital giant New Enterprise Associates led the latest round. Among the other investors were Home Box Office and Andrew McCollum, who joined the company as its CEO last year.
Philo, which is based in Cambridge, mass., targets college students with live TV and DVR services delivered to their devices.
As part of the investment, Philo is relocating its headquarters to San Francisco.
“Philo is changing our expectations for television,” McCollum said in a statement. “We’re questioning every aspect of the viewing experience and asking ourselves, ‘How can we make this faster, easier, and more socially connected?’ We’re finding new answers every day that aren’t possible on any other platform and building them into Philo.”
Fast Company named Philo as one of its “50 Most Innovative Companies in the World, 2014.”
“Students love [Philo] because, with just a college email address and access to campus Internet, they can watch live TV at philo.com. Universities love it because it reduces bandwidth strain from streaming Netflix and illegal torrenting. And the industry loves it because it deters piracy and delivers the coveted 18- to 24-year-old demographic,” the magazine said.
Colleges and universities where the service is available include:
- Brown University
- Cal Poly San Luis Obispo
- Cal State Monterey Bay
- California State University, Sacramento
- Elon University
- Fort Hays State University
- Harvard University
- Lubbock Christian University
- Marshall University
- Pepperdine University
- Rice University
- Roanoke College
- Sacred Heart University
- Shippensburg University
- Stanford University
- University of Alabama
- University of Houston
- University of South Florida
- University of Washington
- Wesleyan University
- William Paterson University
- Yale University