Titan OS, the Barcelona company whose software runs the home screens of Philips, Sharp and JVC televisions, announced on November 4, 2026 a $46 million financing round made up of equity from its existing investors, Highland Europe and Mangrove Capital Partners, and a credit facility from funds and accounts managed by BlackRock. According to Titan OS, the round brings the company's total funding to date to $110 million.

The announcement does not say how the $46 million divides between the new equity and the loan. That split matters. The BlackRock-managed money arrives as debt, not as a shareholding, which makes those funds lenders to the company rather than owners, while Highland and Mangrove remain the only named equity backers.

In Short

A Spanish company that makes the software running on Philips and other brands' smart TVs has raised $46 million, partly from its existing investors and partly as a loan from funds run by BlackRock. The software decides what appears on the TV's start screen, including ads, so whoever controls it controls a valuable piece of advertising space in millions of homes. The company says it will use the money to sign up more TV makers, enter new countries and improve its advertising technology.

The structure of the round

Titan Operating System S.L., which trades as Titan OS, described itself in the announcement as a technology, entertainment and advertising company. The round has two parts. Highland Europe, a London and Geneva growth-stage investor, and Mangrove Capital Partners put in fresh equity. Funds and accounts managed by BlackRock provided a credit facility.

Several details sit outside the release. It gives no size for the facility and no interest rate, maturity or covenant terms. It does not say whether any of the facility has been drawn. No valuation is disclosed, and no new equity investor is named.

The $110 million total also needs some arithmetic. In December 2025, Titan OS raised a €50 million Series A led by Highland Europe with participation from Mangrove Capital Partners and other unnamed investors, according to Advanced Television. TechCrunch reported the same round as $58 million. Adding the new $46 million to that $58 million gives roughly $104 million, by PPC Land's calculation, leaving about $6 million of earlier financing that the release does not itemise. Because the new round includes a loan, the $110 million headline figure combines equity and debt in a single total.

What the company disclosed about its business

According to Titan OS, the company has been operating for over three years and has grown revenues 15 times over that period. The release gives no starting revenue, no current revenue and no profit or loss figure, so the multiple cannot be converted into money. Fifteen times what? The company does not say. Eleven months earlier, the Series A announcement put the revenue growth at 10 times, according to Advanced Television. The step from 10 times to 15 times between the two announcements is the only growth trajectory the company's own statements allow anyone to trace.

Titan OS was founded in 2023 by Jacinto Roca, previously the founder of Wuaki.tv, the Spanish streaming service acquired by Rakuten, together with co-founders Timothy Edwards, Miquel Barba and Tobias Pfalzgraff. The platform itself launched formally on January 22, 2024, with TP Vision, the manufacturer of Philips and AOC televisions, as its first hardware partner. Kim's reference to "three years after launch" therefore runs from the company's founding; the platform's formal launch came two years and nine months before the November 4 announcement.

The licensee list has changed since December. The new release names Philips, AOC, JVC, Vestel, Skyworth and Sharp as brands that license Titan OS technology. The December 2025 announcement, as reported by Advanced Television, named Philips, Sony, Vestel and JVC. Skyworth, Sharp and AOC are additions relative to that list, and Sony is missing from the new one. The release offers no explanation for either change. In September 2025, BBC Studios supplied five free channels to Philips Smart TVs and Sony's Android TVs through Titan OS, so Sony's absence from the brand list is a detail buyers tracking the platform's footprint may notice.

Audience figures have also become vaguer. In December 2025, Titan OS said it had reached over 18 million active users, according to Advanced Television. When Philips moved its range to the platform in March 2026, the company's advertising arm, Titan Ads, reached over 30 million streaming households across Europe. The November release says only that the platform reaches "millions of viewers across Europe and LATAM" and is "in millions of homes". No active-user, device or household figure is given.

Titan OS employs more than 200 people, according to the release. Its headquarters are in Barcelona. The body of the release places its other offices in London and Taipei, while the boilerplate section describes branches in Amsterdam and Taipei. The release does not reconcile the two.

The revenue-share pitch

Highland Europe's explanation for investing again centres on how money flows between the operating system, the television makers and advertisers. Laurence Garrett, General Partner at Highland Europe, described the model in the release.

"Since our first investment, we've watched the Titan team build a rare flywheel. TV makers earn a share of the revenue their screens generate for years after the sale. Advertisers reach millions of homes across many TV brands. And unlike the walled gardens, Titan is a partner, not a competitor. That attracts more TV brands, which brings more viewers and more advertisers. We're excited to double down."

The argument is commercial rather than technical. A television sold with a licensed operating system keeps earning after it leaves the shop, because advertising and content placements on its home screen generate revenue, and under Titan's model the manufacturer takes a share of that. Garrett's reference to walled gardens points at platforms that keep data, inventory and measurement inside their own systems. In television, the largest operating systems are owned by companies that also sell their own advertising, run their own content services or make their own hardware. Titan's pitch to manufacturers is that it does none of those things in competition with them.

How much of the advertising revenue goes to the TV maker is not stated. Neither the release nor any earlier Titan OS announcement covered by PPC Land disclosed the percentage.

What the money is for

Hyoung-Ung Kim, the chief financial officer of Titan OS, set out the plan.

"Three years after launch, Titan OS is already in millions of homes and continues to deliver strong year-on-year growth as Europe's leading independent operating system for connected TVs. Investments from BlackRock alongside Highland Europe and Mangrove gives us the capital to build on that foundation, expand into new markets, and do it from a position of financial strength. Our goal is clear: to become a true global player, built from Barcelona, in a market currently dominated by US and Asian companies."

According to the release, the money will go to three areas: expanding the company's global partnerships with original equipment manufacturers, the TV makers that license its software; product development; and advertising technology aimed at improving the user experience and creating more monetisation opportunities for the partners in its ecosystem. No new market is named. No new manufacturer is announced alongside the round. The release does not say how much will go to each area, or over what period.

The claim to be "Europe's leading independent operating system" is the company's own. The release cites no market share data in support, and the word "independent" does a lot of work in it: it excludes the operating systems that television manufacturers build for their own sets.

From one TV maker to six

Titan OS has followed a common route for a new television platform. It started with a single manufacturer, added content partners to fill the home screen, then built an advertising business on top.

The first partner was TP Vision. Five months after the formal launch, the company introduced Titan Ads in June 2024, a marketplace for selling advertising across Titan-powered sets. In July 2025, Viaplay received a dedicated remote control button on all 2025 Philips TVs powered by Titan OS in the Nordics and the Netherlands, a placement that put the streaming service's Formula 1, Premier League and darts coverage one press away. Two months later, BBC Studios added five FAST channels - BBC Food, BBC Travel, BBC History, Top Gear and BBC Drama - across Germany, Austria, Switzerland, France, Spain, Italy, Benelux and the Nordic markets.

The largest step came in March 2026, when Philips dropped Google TV from its entire 2026 television lineup in favour of Titan OS. Philips had run Titan OS on selected models for roughly two years before that change. The move took a major European television brand out of the Google TV base and handed its home screen inventory to a Barcelona company.

Free ad-supported channels are part of what makes such a home screen saleable. FAST channels reached 27% household adoption across Europe, according to a ShowHeroes and Omnicom Media Netherlands study published in March 2026 that surveyed 4,377 people across six markets. Free content gives a platform something to place in front of viewers; it also gives advertisers impressions to buy.

Why the home screen has become contested ground

For advertisers, the operating system matters because of the first screen it shows. Home screen advertising - paid placement in the launcher of a smart TV, shown at power-on before any app opens - is sold by whoever controls that launcher. That is the inventory Titan Ads sells across its partners' sets.

Television makers and their sales partners have spent 2026 opening that inventory to more buyers. In June, Samsung made its smart TV home screens available programmatically through The Trade Desk and Google's Display & Video 360, with global rollout scheduled to begin in the third quarter. In September, Teads made Whale TV's home screen inventory available worldwide, with Teads citing a combined reach of 500 million TV devices across the manufacturers Whale TV works with. In October, LG Ad Solutions put its Home Screen slots on Best Buy's ad network, and a week later LG opened Home Screen ads to Magnite's AI buying agent under a three-year extension. LG's own unaudited figures put the share of its smart TV users who start on the home screen at about 97%.

Exclusivity is also a feature of this market. In August, Teads secured an exclusive 10-day Black Friday takeover of V smart TV screens across roughly 30 markets under a multi-year agreement running through 2028. Programmatic access and exclusive reseller deals now sit side by side in the same market.

The ownership of television platforms has become a subject in its own right. In June 2026, Roku was reported to be exploring a sale as its advertising revenue grew 27% to $613 million in the first quarter, and Fox agreed days later to acquire Roku for $22 billion, according to Advanced Television. That deal would put a major television platform under a broadcaster that also produces content and sells advertising. The Trade Desk, meanwhile, entered the market from the buying side when it unveiled the Ventura TV operating system in November 2024, and in October 2025 agreed with DIRECTV to build a custom version for third-party TV makers, retailers and hospitality partners.

Against that background, Highland's "partner, not a competitor" line is a positioning statement aimed squarely at manufacturers. A TV maker choosing an operating system weighs the licence terms, the share of advertising revenue it keeps and the risk of handing its home screen to a company that may also compete for the same viewers and the same advertisers. Titan OS is betting that a European platform that neither makes televisions nor runs a demand-side platform answers that question more comfortably than the alternatives. Whether manufacturers outside Europe and Latin America agree is the test this round is meant to fund.

What remains unclear for buyers

For media buyers working in CTV, the round changes little on its own. The release announces no change to inventory, pricing or measurement on Titan-powered sets. The facts that would let buyers size the platform are mostly absent from the release: a current active-device count, a household figure by country, the ad revenue share paid to manufacturers, and the revenue base behind the 15-times growth claim.

The credit facility raises its own questions. Kim speaks of expanding "from a position of financial strength", yet without the facility's terms it is not possible to say how large the loan is relative to the equity, what it costs, or what Titan OS has committed to in return.

About Highland Europe

According to the release, Highland Europe is a growth-stage technology investment firm headquartered in London and Geneva. Since 2012, it has raised €3.75 billion across six funds and backed over 80 companies, including 9fin, AMCS, Bending Spoons, Camunda, EGYM, Featurespace, GetYourGuide, Huel, hyperexponential, ME+EM, Nexthink, n8n, Wolt and Zwift. The release carries no corresponding description of Mangrove Capital Partners or of the BlackRock funds involved.

Timeline

Summary

Who: Titan OS (Titan Operating System S.L.), the Barcelona-based maker of a smart TV operating system licensed to Philips, AOC, JVC, Vestel, Skyworth and Sharp; its existing equity investors Highland Europe and Mangrove Capital Partners; and funds and accounts managed by BlackRock, which provided a credit facility. Laurence Garrett of Highland Europe and Titan OS chief financial officer Hyoung-Ung Kim commented on the round.

What: A $46 million financing round combining new equity and a credit facility, taking the company's total funding to $110 million. The equity and debt split, facility terms, valuation, revenue base and current audience figures were not disclosed.

When: Announced November 4, 2026, eleven months after a €50 million Series A in December 2025.

Where: Titan OS is headquartered in Barcelona, with other offices given as London and Taipei in the release body and as Amsterdam and Taipei in its boilerplate. The platform runs on televisions sold in Europe and Latin America.

Why: Titan OS says the money will fund expansion into new markets, more partnerships with TV manufacturers, product development and advertising technology, with the aim of becoming a global player in a market it describes as dominated by US and Asian companies. For advertisers, the round matters because the company controls home screen inventory on a growing number of European television brands at a time when Samsung, LG, Roku and others are reshaping how that inventory is owned and sold.