Roku’s media boxes and Apple’s Apple TV box have captured close to 90 % of media box streaming market in the US (excluding game consoles). But Roku has grander plans. They have raised $60 million in order to create a complete Smart TV platform to be used in TVs.
Roku raises $60m, to create Smart TV platform
According to All Things D, Roku has raised $60 million USD in the latest round and a total of $130 million from companies such as BSkyB, News Corp, Dish and Hearst Corp.
The latest Roku 3 box was announced in March
The large sum is earmarked to turn Roku into a true platform company and not just a company that sells small media boxes. Roku plans to create a complete TV platform that will be baked into future Smart TVs. CEO Anthony Wood says that he believes most TV manufacturers, except Samsung, have no desire or the ability to create decent software so he wants Roku to fill the void.
Roku has no plans to discontinue its line-up of Roku boxes that have sold over 5 million to date with sales accelerating.
We will surely hear more from Roku in the near future as they look to compete for a living room presence with Apple TV, Xbox One and PlayStation 4 to name a few.