Amagi, a global cloud-based Software as a technology provider for the broadcast and connected TV, raised $100 million from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest, the investment arm of Wipro billionaire Azim Premji.
Emerald Media (an investment platform backed by KKR) and Mayfield India have announced that they have sold their stake. Amagi started in 2008 in India as a cloud-based geo-targeted TV advertising company but pivoted in 2018 to build a global position in SaaS-based broadcast and streaming of 24×7 live, linear channels.
“Emerald Media and Mayfield India were early investors in Amagi. They invested at a time when cloud technology in broadcast media was in its infancy. We are grateful to them for believing in our vision and supporting our rapid growth over the last few years,” said Baskar Subramanian, co-founder and CEO, Amagi.
Amagi is one of the largest cloud deployments in the world
Amagi supports over 800 channels on its platform, including playout and redundancies. The company has emerged as one of the largest cloud deployments globally, with distribution in 40 countries across cable, connected TV and OTT.
It has developed deep technical integration with ad-supported platforms such as The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, STIRR, VIZIO, Xumo and other top 30 OTT platforms, providing one of the most comprehensive distribution coverage for content owners to reach their audiences in the US, LatAm, Europe and Asia.
Company clocks a 136 percent growth
Amagi has established itself as the de facto SaaS platform for media brands resulting in significant growth. The company revenues have grown by 136 percent in the fiscal ending March 21, and this momentum continues, driven by 44 percent YoY growth in new customers.
The platform enables up to 40 percent savings in the cost of operations as compared to traditional delivery models. As ad spends shift to connected TV and OTT, the company has enabled customers to monetize their content libraries with its new product introductions effectively.
“Our journey of partnering with Baskar, Srividhya and Srinivasan in bringing alive their vision of becoming one of the fastest-growing media SaaS companies in the world has been an enriching one,” said Rajesh Kamat, Managing Director, Emerald Media —KKR’s Pan Asian Media Investment Platform
Now the company has catapulted to international success with a global footprint and a robust growth trajectory on the back of its bold and pioneering technology innovation, along with its ability to foresee the needs of the industry. We are confident of their continued success and wish them well on their journey ahead,” added Kamat.