OTT Startup Pluto TV Raises $8.3 Million

Pluto TV, a free, ad-supported streaming video service, has raised $8.3 million in a new funding round, including $5 million from mobile phone giant Samsung, the company announced Tuesday.

The money will be used to add more content to the platform, and to build out its products.

Pluto TV uses a model similar to Spotify, mixing live video with some on-demand content, supported by advertising. The service currently has more than 100 live channels, with partners including Cheddar, Bloomberg, Warner Bros., Lionsgate and Jash.

The service is available on smart TVs, as well as video game consoles, Roku boxes and through mobile applications.

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