[Funding alert] Amagi raises over $100M from Accel, Avataar Ventures, Norwest, and Premji Invest
India and the US-based global media SaaS technology company Amagi Saturday said it raised over $100 million in funding from Accel Partners, Avataar Ventures, Norwest Venture Partners, and Premji Invest.
The transaction also saw the exit of its earlier investors, Emerald Media — an investment platform backed by KKR — and Mayfield Fund.
Speaking on the funding received, Baskar Subramanian, Co-founder and CEO, Amagi, said, “Amagi will immensely benefit from the collective experience of Accel, Avataar, Norwest, and Premji Invest in rapidly scaling our business and expanding our global footprint.”
Founded in 2008, Amagi provides cloud-based broadcast and advertising technology solutions. The company originally started in India, providing targeted TV advertising solutions, but later pivoted to lead cloud adoption and evangelised cloud technologies for broadcast.
Amagi introduced a flexible ‘pay-as-you-go’ model for launching and operating 24/7 linear channels by eliminating the need for traditional, hardware-driven, and large expensive physical operations.
It provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms, enabling content owners to launch, distribute, and monetise live linear channels on Free-Ad-Supported TV and video services platforms.
The company said it supports over 500 content brands, 800 playout chains, and over 2,000 channel deliveries on its platform in over 40 countries. Amagi's revenue has grown by 136 percent in the fiscal ending March 21 and noted that the momentum continues, driven by 44 percent annual growth in new customers, which include brands such as NBCUniversal, USA Today, and ABS-CBN.
According to Amagi, it enables up to 40 percent savings in the cost of operations as compared to traditional delivery models. The company said it has been delivering 5-10X growth in ad impressions for some of its top customers.
Amagi noted that it provides media companies with the much-needed agility and efficiency to succeed in the traditional broadcast and the evolving OTT and streaming TV universe.
The company has a presence in New York, Los Angeles, Toronto, London, Paris, and Singapore, broadcast operations in New Delhi, and an innovation centre in Bengaluru.