Building B has snagged $17.5 million in funding from Morgenthaler Ventures, Omni Capital, Index Ventures, and private investors.

The Belmont, California-based startup promises to bring to market an all-in-one box and service that delivers Internet video, braodcast television content, and on-demand video straight to the living room. Company executives said the box can be moved to different locations to view programming and that it melds wireless broadcast with broadband.

“Apple TV is yet another problem we’re trying to solve,” CEO Buno Pati said. “It’s another box in the pile.”

Building B executives said the company has a leg up over Apple TV and the Sling Media Slingbox because it delivers media directly to a TV and requires no other box or shuffling of media. There’s no shortage of companies, including Microsoft, Motorola, and Scientific Atlanta, hoping to make their mark in the digital living room of tomorrow. 

Under the funding deal, Building B added three new members to its board of directors: Sony BMG Music Entertainment chairman Andy Lack, Omni Capital managing director Arun Netravali, and Morgenthaler Ventures partner Bob Pavey.

Building B, formed in June 2006, said its wireless video set-top box and service is set to launch soon.