Airtime Acquires Former Hulu CTO?s Startup Erly, Raises $25M Series B Funding

We've discovered that Airtime, the video startup founded by famed Napster alums Shawn Fanning and Sean Parker, has allegedly made its first acquisition -- before truly exiting stealth mode. The target? Erly, the Kleiner Perkins-backed startup aimed at letting people create social experiences around their experiences. Update: We've confirmed the acquisition with a source at Airtime, and have been told that it will be announced along with a new $25 million round of funding led by Kleiner Perkins, including Andreessen Horowitz, Google Ventures. As part of the new round of funding, Kleiner Perkins partner Bing Gordon will be joining Airtime's board of directors as part of the new funding.

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