BackAmagi gets $100 million from Accel, Avataar Ventures, Norwest Venture Partners and Premji Invest
The move comes as advertising spends shift to connected TV and OTT. Media companies, on the other hand, are working towards maximising revenues and focussing profitable amid shifting consumer preferences
PremiumNEW DELHI: Media-focussed SaaS, or software-as-a-service, company Amagi on Saturday said it has raised $100 million in investment from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest.
As part of the investment, the venture funds have bought out stake held by KKR’s Emerald Media and Mayfield Fund. Nadathur Holdings continues to remain invested in Amagi.
Amagi works with broadcast and connected TV media clients such as A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Tastemade, Tegna, Vice Media, and Warner Media and offers solutions for content creation, distribution, and monetisation.
It participates in the $50 billion cloud-based video content creation, distribution, and monetisation market.
The company will use the funds to expand its global footprint.
“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," said Baskar Subramanian, Amagi co-founder and CEO.
Fresh investments will provide media companies the much-needed efficiency to succeed in the traditional broadcast and the evolving OTT and streaming TV universe, he said.
Amagi started in 2008 in India as a cloud-based geo-targeted TV advertising company, but turned to SaaS-based broadcasting and streaming of 24x7 live linear channels in 2018.
With 800 channels on its platform, Amagi’s distribution stretches to 40 countries across cable, connected TV, and OTT. In addition, it has developed technical integration with ad-supported platforms such as The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, STIRR, VIZIO, Xumo, and other 30 OTT platforms. This provides a comprehensive distribution coverage for content owners to reach audiences in the US, Latin America, Europe, and Asia.
The move comes as advertising spends shift to connected TV and OTT. Media companies, on the other hand, are working towards maximising revenues and focussing profitable amid shifting consumer preferences.
“The global media and entertainment industry is poised for unprecedented growth. Amagi’s market-leading cloud-based technology is enabling content owners - big and small - to reach wider audiences, deliver personalized content, attract advertisers, and reduce cost of operations," said Shekhar Kirani, Partner, Accel.
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