[Techtaffy Newsdesk]

Airtime has closed a round of financing led by Kleiner Perkins Caufield & Byers along with existing and new investors such as Andreessen Horowitz, Accel Partners, Google Ventures, and Social + Capital. The size of the funding was not disclosed, but a Techcrunch report by Colleen Taylor puts the size of the Series B round to $25 million. Bing Gordon from KPCB will join Sean Parker and Shawn Fanning on the Airtime board.

In a separate development, Airtime has acquired Erly, a KPCB company founded in 2011 by product and engineering leaders from Hulu.

Airtime is a live social video company founded by Sean Parker and Shawn Fanning. Located in San Francisco, Airtime investors include Founders Fund, Accel Partners, Andreessen Horowitz, Google Ventures, SV Angel, Yuri Milner, Ashton Kutcher, will.i.am, Scott Braun, and Michael Arrington.

Airtime will launch on June 5th. You can sign up for early access at the Airtime website here.