In an ideal world, cord-cutters would be able to choose from more live TV services like Philo.

Instead of making subscribers pay upwards of $40 per month for channels they may not want, Philo’s lineup of 40 channels costs just $16 per month. It accomplishes this primarily by omitting major broadcast networks–ABC, CBS, NBC, and Fox–and expensive sports channels. Only AT&T’s recently announced WatchTV service offers something similar for $15 per month.

If you haven’t heard much about Philo, that might change in the near future. The service, which officially launched last November, has just raised $40 million from existing investors, led by the three networks–AMC, Discovery, and Viacom–that already supply most of Philo’s channels. CEO Andrew McCollum says the startup will use a chunk of that money to get the word out through advertising and marketing. (The startup, which originated as a streaming service for college students, first garnered a wave of attention a few years ago, in part for its Facebook-like founding in a Harvard dorm room.)

Andrew McCollum [Photo: courtesy of Philo]

Until now, Philo has only been available on Roku, iOS, and the web via Google’s Chrome browser. But the service has just released apps for Amazon Fire TV and Apple TV, and says a proper Android app is coming soon. Philo also now supports 35 TV Everywhere apps, allowing users to watch individual channel apps on even more devices.

“We feel really good about how things are going, and what the response to the service has been,” says McCollum, who declines to reveal specific subscriber numbers or future milestones….