Creator David S. Goyer had stated the series was set "200 years before Man of Steel (2013)". However, SyFy has confirmed the show is on its own continuity, separate from the DC Universe films.
According to Blake Ritson, when he appeared in his Brainiac getup for the first time, he terrified some of the cast and crew. This to him was proof that Brainiac was going to be awesome.