IAC-backed television streaming service Aereo has filed for bankruptcy after its service was ruled to be illegal.

Aereo, a US-based online television streaming service backed by internet media company IAC, has filed for chapter 11 bankruptcy, CEO and founder Chet Kanojia revealed on Friday.

Aereo has raised $97m across four funding rounds from investors including IAC, which first invested in its $20.5m series A round in 2012. IAC subsequently co-led its $38m series B and contributed to a $34m round raised in January this year.

The company’s other backers are Himalaya Capital Ventures, First Mark Capital, Highland…