Palo Alto, Calif. -- Rearden Steel, a stealth-mode start-up founded by WebTV creator Steve Perlman, announced on Monday that it has raised $67 million in seed funding to "develop hardware and software products for the consumer marketplace." America Online led the investment round; Cisco Systems, EchoStar Communications Corporation, Mayfield, Vulcan Ventures, The Barksdale Group, The Washington Post Company and Macromedia Ventures also participated. Although the company did not disclose what specific product it is developing, outlets including The Wall Street Journal, The New York Times and News.com all reported that Palo Alto-based Rearden is developing a set-top box or home server that would combine a TiVo-like personal video recorder with features such as the ability to download music, video and games from the Internet.