Roku has raised $45 million (£28.8m) in its latest funding round, with Sky and Rupert Murdoch's News Corp being joined by previous Roku investors Menlo Ventures and Globespan Capital Partners in backing the company, along with an unnamed strategic investor.
Alongside a cash injection, the funding round brings "business agreements" with the investors to the business, although no further details were supplied on this.
Roku said that the move demonstrates "the industry's confidence in Roku as the leading distribution platform to bring streaming entertainment to mainstream consumers".
The new capital will be used to build further awareness of the Roku brand though advertising. It will also go towards engineering and production of hardware and digital media services for the company.
Roku launched the first player to stream the Netflix service to the TV in 2008, and now streams more than 500 entertainment channels to millions of customers.
Alongside the range of Roku streaming players, the company intends to launch a new Roku Streaming Stick in the autumn - a wireless, dongle-sized streaming device that connects to newer TVs and consumer electronics devices.
News Corporation chief digital officer Jon Miller said that his firm - which also owns a 39.1% stake in Sky - had "watched Roku maintain market leadership since the launch of its streaming platform four years ago".
"We look forward to deepening our relationship, having already worked closely together on the launch of several products," he said.
"Roku's significant technology advantage, coupled with a strong market position, places them in a unique position to be an integral part of the television landscape for years to come."
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Sky's chief financial officer Andrew Griffith said that he was "delighted" to have entered a strategic relationship with Roku.
"As an innovative content company we're committed to embracing a wide range of complementary platforms to create more choice and flexibility for customers," he said.
"Coupled with the ongoing strength of satellite distribution, online and mobile help us unlock even more value for customers. Working with Roku we look forward to extending our multi-platform leadership."
Roku founder and chief executive Anthony Wood said that the company's philosophy is to deliver the "best streaming TV experience" to customers, offering the most content and the best value.
"It has served us well as millions of consumers have brought Roku into their homes," said Wood.
"With the News Corporation and Sky strategic relationships, we are poised to further grow our leadership position and to become the TV distribution platform of the future."
As part of the deal, News Corp's John Miller will join Roku's board of directors. Wood will remain as chairman of the board.