Alibaba Group Holding, has invested over US$ 50 million in California-based start-up firm, Peel Technologies which developed a remote application for television. The application can control over 3,500 brands of televisions and 600 set-top-boxes. Peel will utilise the fund to expand its line of products and services. This is apparently the second round of funding from Alibaba – in 2013, the group funded over USD 5 million.
Peel generates revenue by charging TV networks to promote shows on the application. Peel had previously raised over USD 35 million in venture funding across three rounds from Redpoint Ventures, Lightspeed Venture Partners, Harrison Metal and Translink Capital.
About Peel Technologies: The company describes itself as a crazy bunch of misfits that want to change the world. We are revolutionizing the way people discover, access and tune in to their TV shows and movies. Peel is a key player in the Internet of Things. We expect to power 60 billion smart remote commands & 5 billion tune-ins worldwide in 2014.