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TIOTI, a new online service that helps people find TV shows on the Internet for download or streaming, has raised a first round of venture funding from Pond Venture Partners. Specific terms were not disclosed, with the company saying only that the investment topped $1 million.
The startup, with offices in Seattle and London, also offers TV recommendations based on past viewing patterns. And it allows people to create community groups around specific TV shows.
That sounds similar to the concept behind BuddyTV, a Seattle company that also allows people to chat about their favorite shows. (BuddyTV provides content to the Seattle P-I Web site.) In fact, TIOTI offers a link to content from BuddyTV on some programs. Meanwhile, TIOTI co-founder Marc Colando says that Andy Liu of BuddyTV has helped the startup get off the ground, recommending a bookkeeper and offering other entrepreneurial advice.
"I think BuddyTV's execution has been fabulous, and we hope to follow their lead in user growth, advertising, etc.," says Colando.
Colando thinks most people will visit TIOTI in order to find shows to watch, pointing them to places such as Amazon.com, Apple's iTunes store, ABC.com or file-sharing sites. Colando calls TIOTI "360 degree TV" and notes that brands are now built around specific shows rather than the network that is showing them.
"The social side of our site helps us make good recommendations for shows you might like based on your other preferences, what you're watching, what your friends are watching, and what's happening across the TIOTI network generally."
About 18,000 people participated in private tests of the social network, which opened to the public Oct. 1. The most downloaded show through TIOTI at this time is "Heroes," followed by "House," "Lost" and "Prison Break."
TIOTI, which stands for Tape it off the Internet, was covered in NewTeeVee earlier this month, which noted possible competitors such as Sidereel and Locate TV. And it also pointed out that the TV industry might not like the idea of a video search engine, which returns results of shows that can be downloaded or streamed on the Internet for free.
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