updated 10:00 am EST, Tue November 18, 2008
Boxee startup gets funding
The makers of Boxee say theyhave secured $4 million in venture capital funding to continue development of the media player. Currently available for Mac OS X and Linux, the software was recently adapted for the Apple TV using a USB drive.The additional funding buys time for the company as it seeks partnership with major content providers, and works to license the platform for use in set-top boxes and other consumer electronics.
The company says high-profile investors Spark Capitol and Union Square Ventures have agreed to invest in the startup, which until now had been funded by the founders and their friends and family. Union Square has made significant investments in well-known web companies such as Del.icio.us, FeedBurner, Etsy and Twitter. Spark Capitol is also an investor in Twitter and has an investment portfolio that includes BuzzWire, SendMe and Tumblr. Details of the new arrangement are available on blogs from Fred WIlson with Union Square Ventures, Boxee CEO Avner Ronan, and Bijan Sabet with Spark Capital.
Based on the open source XMBC media center platform, Boxee is designed to organize and display photos, video, music and other digital content in virtually any format. Built-in social networking functions allow users to share recommendations with their friends.