US-based integrated set-top box creator Caavo has secured $15m from investors including media companies Sky and Hearst, the latter through its Hearst Ventures subsidiary, TechCrunch reported yesterday.
Founded in 2015, Caavo is also backed by venture capital firms Greylock and DCM Ventures, and according to Recode, Silicon Valley Bank. Sky’s portion of the round is likely the $2m it was reported to have invested in October 2016.
The company has built a set top box that can integrate all of a user’s entertainment platforms and devices. A user can plug all their hardware devices, such as cable, satellite and gaming systems, into the box, and also use its cloud software to sign into online platforms such as Netflix, iTunes or Amazon Prime.
Caavo’s device then automatically configures all the content and displays it in a searchable, easy-to-navigate manner. It also comes with a voice-activated remote control, meaning a user can tell the system what it wants and then have that content pulled up automatically.
The company intends to make 5,000 of the $399 devices available for pre-order in June 2017 before releasing it commercially in the autumn.
– Photo courtesy of Caavo Inc.