Titan OS adds $46m from Highland, Mangrove and BlackRock credit to take its smart TV software beyond Europe

Titan OS, the Barcelona company that licenses a smart TV operating system to brands such as Philips, Sharp and JVC, has raised $46m in a mix of equity and debt. Its existing backers Highland Europe and Mangrove Capital Partners put in the equity, while funds and accounts managed by BlackRock supplied a credit facility.

The round, announced on 4 November, lifts the company's total funding to $110m by its own count. It arrives just eleven months after a €50m Series A and shows the company's insiders choosing to back it again rather than wait for a larger outside round.

Insiders write the cheques, BlackRock lends

The structure says as much as the headline figure. No new shareholder joined. Highland, which led the Series A in December 2025, and Mangrove, which took part in it, are the only named equity investors again. The BlackRock-managed money comes in as a loan, which makes those funds creditors of the company rather than part-owners.

The company has not said how the $46m splits between equity and credit. It gave no size, interest rate or maturity for the facility and disclosed no valuation. That also means the $110m total blends share capital with borrowed money, which is worth keeping in mind when comparing it with all-equity rounds elsewhere.

Lenders usually want to see income behind a borrower, and Titan OS says its revenue is fifteen times what it was when it started. It has not published a revenue figure, a profit or a loss. At the time of the Series A, the stated multiple was ten times.

Hyoung-Ung Kim, the company's chief financial officer, said the money gives Titan OS the means to enter new markets while keeping its finances on a firm footing. He framed the goal as becoming a global player "built from Barcelona, in a market currently dominated by US and Asian companies."

The fresh funding does not come as a surprise. When the Series A closed, co-founder and COO Timothy Edwards said the company planned to raise more money in 2026 to speed up its expansion. It has now done so, though not with the new outside investors such a round might have brought.

A revenue-share pitch to TV makers

Chief executive Jacinto Roca set up the company in 2023 with Edwards, Miquel Barba and Tobias Pfalzgraff. Roca had earlier built the streaming service Wuaki.tv, which Rakuten bought. The company employs more than 200 people and has an office in Taipei as well as its Barcelona headquarters.

Its business model is simple to describe. Titan OS licenses its software to TV makers and then shares the advertising and content income that the screens generate after they are sold. Manufacturers can brand the interface. Content owners get slots on the home screen, a place in its recommendations and distribution for free ad-supported (FAST) channels, and the company sells ads through its own unit, Titan Ads.

Laurence Garrett, general partner at Highland Europe, said the appeal lies in how that loop feeds itself: more TV brands bring more viewers, which brings more advertisers. He drew a line between Titan OS and the large platforms that also sell hardware, content or their own ad space.

"Unlike the walled gardens, Titan is a partner, not a competitor." (Laurence Garrett, general partner, Highland Europe)

The pitch has already landed one big win. In March 2026 Philips dropped Google TV across its full 2026 range and moved to Titan OS, after running the software on selected models for about two years. TP Vision, which makes Philips sets, was the platform's first hardware partner when it formally launched in January 2024.

What share of ad revenue goes back to manufacturers has not been disclosed.

What the money is for, and what is missing

The company said the round will pay for more licensing deals with TV makers worldwide, entry into new countries, product work and advertising technology. Today its software runs on sets sold in Europe and Latin America. It did not name the next markets, a new manufacturer partner or how the money will be divided between those areas.

Some of the numbers have also become harder to track. At the Series A, Titan OS claimed more than 18 million active users and listed Philips, Sony, Vestel and JVC as licensees. The new announcement gives no user count, saying only that it reaches millions of homes, and its brand list (Philips, JVC, Vestel, Skyworth and Sharp) no longer mentions Sony. The company gave no reason for either change.

The competition for TV home screens has sharpened this year. In June, Samsung let advertisers buy its home screen slots programmatically via Google's DV360 and The Trade Desk. LG has struck deals to sell its home screen slots through Best Buy's ad network and Magnite. Fox agreed in June to buy Roku for $22bn, and The Trade Desk is pushing its own Ventura operating system to third-party TV makers.

Against those names, Titan OS is betting that a European supplier which neither builds televisions nor runs a buying platform is the safer choice for manufacturers. Its next test is whether TV makers outside its current two regions sign up. The company has not yet named one.