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Roku raises $60 million investment as it tries to keep up in the war for your TV

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Roku 3 top (765px)
Roku 3 top (765px)

There's little doubt that the war to control your TV is not going to end any time soon. Microsoft is making a big bet on TV with the forthcoming Xbox One, and while Apple hasn't introduced its long-rumored TV set yet, the Apple TV set-top box is rapidly increasing in sales volume. And while Roku may not be nearly as big and influential as Microsoft or Apple, that's not stopping investors from putting a lot of money behind Roku's vision: the company just announced a new series of funding that tops out at a whopping $60 million. Two new corporations backed Roku this time out — publisher Hearst Corp was announced, but Roku didn't reveal the name of the second company, only saying it is "one of the world's largest institutional investors." However, a report from All Things D claims investment firm Fidelity is the other new investor.

The infusion of capital should continue to let Roku pose a credible threat for consumers' living rooms; Roku said it would use the cash to continue expanding "access points to its streaming platform." Specifically, the company is looking to get its platform installed on as many smart TVs as it can — Roku is working with two dozen OEMs to make Roku-ready devices, including TVs that will be ready for launch in time for the holiday season. While there's no word on new Roku hardware, the company will of course continue to push its Roku 3 set-top box and Roku Stick. Whether that'll be enough to take on the hardware giants Roku is competing against remains to be seen, but for now the company has the cash it needs to fight for its place in the market.