Aereo[Techtaffy Newsdesk]

Aereo has closed a $38 million Series B round of financing, led by existing investors IAC and Highland Capital Partners. Previous investors from Aereo’s Series A funding round, including FirstMark Capital, First Round Capital, High Line Venture Partners, and select individuals, also participated in this second round of financing.

Aereo is a Web TV service. With Aereo you can watch live TV shows, sports, and news online, with no cable subscription required. The service is currently available only in New York City, where Aereo launched in 2012. Aereo plans to expand its operations to 22 U.S. cities in 2013.

[Image courtesy: Aereo]