News streaming app developer Haystack TV raised $2m from investors including Stanford-StartX Fund and appliances manufacturer Vestel to prepare for an expansion into Europe.
US-based news streaming app developer Haystack TV has received $2m in a round backed by the university’s Stanford-StartX Fund, according to Nasdaq.
The round was led by Vestel Ventures, a corporate venturing subsidiary of home and professional appliances manufacturer Vestel, with participation from Altair Capital and SV Links.
Founded in 2013, Haystack collates news content from more than 200 publishers from video portal YouTube, offering access through smartphone and smart TV apps marketed as a personalised news outlet aligned with today’s on-demand viewing habits.
The underlying technology automatically tags video with indicators such as feedback from social media platforms and aims to prominently feature agenda-setting news stories alongside the viewer’s own selections.
Haystack includes news on local affairs as well as global and national stories.
The company estimates its service now comes pre-installed on 37% of TVs shipped in the US. It will put the cash towards growth in Europe, where Vestel claims a significant market share in TV manufacturing.
Haystack has now raised a total of $4.5m, according to Nasdaq, including $1.7m from a 2015 seed round featuring Stanford-StartX Fund, SGH Capital, Inspovation Ventures, DeltaG Ventures and angel investors Larry Braitman and David Anderman, according to TechCrunch.
