Through a suite of solutions, Amagi supports content owners in launching, distributing, and monetizing live video content for free.
With a $95 million financing led by Accel, Amagi, a cloud SaaS technology supplier for broadcast and streaming television, has become the newest addition to India’s expanding startup unicorn club.
Norwest Venture Partners and Avataar Ventures, both existing investors, also participated in the round. A unicorn is a privately held startup with a valuation of $1 billion or more. This round of funding raises the company’s overall funding to more than $245 million.
The funds will allow the company to expand its operations across different countries and expand its product line in the media and entertainment (M&E) industry.
“This is a crucial juncture for our business as we look to hit a hyper growth trajectory by creating a winning combination of goals, processes, team structures and more,” CEO and co-founder Baskar Subramanian said.
“Amagi has enabled major media players to stay relevant in these times of change, while helping them to extract nearly 40% operational savings through cloud solutions. Avataar’s operating VC model will actively support the very talented Amagi team to navigate this hyper-growth journey as a global leader” said Nishant Rao, Founding Partner, Avataar Ventures.
This investment follows a 59 percent increase in new clients in 2021, which resulted in a 112 percent increase in ad impressions (via its dynamic ad insertion technology) and a 108 percent increase in income, according to the business.
Amagi has enabled major media players to stay relevant in these times of change, while helping them to extract nearly 40% operational savings through cloud solutions. Avataar’s operating VC model will actively support the very talented Amagi team to navigate this hyper-growth journey as a global leader” said Nishant Rao, Founding Partner, Avataar Ventures.
NBCUniversal, Paramount, and A+E Networks UK are among its clients, as are connected TV players including Samsung TV Plus, Roku, Vizio, and LG Channels, content owners like Tastemade, USA Today, and AccuWeather, and
streaming platforms like Fubo, STIRR, Redbox, and Rakuten TV.
“Our investors have a known history of crafting the success stories of companies with the promise of potential. We look forward to leveraging their astute understanding of the B2B SaaS landscape to successfully navigate the market intricacies and position ourselves for sustained success in the coming years,” Subramanian said.
