"Venture Beat" reports that the company failed in attempts to raise $30 million and has decided to be acquired.
Boxee looks set to relinquish its independence. Boxee has developed a home streaming set-top box (stream media), allowing users to record content and store it in a cloud, as well as convenient access to video content on the Internet and other applications.
The company has raised $29.5 million to date from Pitango Venture Capital and Softbank. Sources believe that Boxee tried but was unable to raise a further $30 million. "Venture Beat" reports that as a result of this failure the company has decided to be sold and the announcement of an acquisition will be made in the coming week.
Boxee declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on June 16, 2013
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