Amagi will use the funding to strengthen its support infrastructure for customers. It will also deploy the capital to build AI-based personalization models and spend more on advertising. The startup will also invest more in live streaming solutions, particularly in the FAST (free ad-supported streaming TV) ecosystem.
Media-focused SaaS startup Amagi has raised $100 Mn (INR 811 Cr) in funding from private equity (PE) firm General Atlantic, including a primary capital infusion of $80 Mn. The unicorn was valued at $1.4 Bn for the funding round, up from a $1 Bn valuation in its last funding round in March 2022, it said in a statement.
The announcement comes nearly a week after media reported that Amagi had raised funding from General Atlantic. The deal is expected to close following receipt of regulatory approval from relevant authorities. Amagi will use the funding to strengthen its support infrastructure for customers. It will also deploy the capital to build AI-based personalization models and spend more on advertising. The startup will also invest more in live streaming solutions, particularly in the FAST (free ad-supported streaming TV) ecosystem.
“…we believe that General Atlantic, with its longstanding history of helping technology companies build enduring models, is the ideal investment partner for this stage of our growth journey. We are thrilled to have their backing and look forward to leveraging their expertise,” Amagi CEO and cofounder Baskar Subramanian said.
Echoing the sentiment, General Atlantic MD and head of India Shantanu Rastogi said, “Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimize results for their broadcast and streaming partners globally…We look forward to partnering with the Amagi leadership team to further fast-track their growth as they continue to shape the future of cloud-based broadcast.”
