Amagi raises over $100 million from Accel, Avataar Ventures, Norwest, & Premji Invest

Amagi has raised over $100 million from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest. The venture funds have bought out the stake held by Emerald Media (an investment platform backed by KKR) and Mayfield Fund, while Nadathur Holdings continues as an existing investor.

The partnership hopes to provide media companies the agility and efficiency to succeed in the traditional broadcast and the evolving OTT and streaming TV universe.

“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. Their deep understanding of B2B SaaS models will help us enhance value for our customers and partners. This will further nurture an entrepreneurial spirit in our employees, which is critical to building and embracing new technologies to solve complex business challenges,” said Baskar Subramanian, Co-founder and CEO of Amagi.

With over 800 channels on its platform, including playout and redundancies, Amagi has distribution in 40 countries across cable, connected TV, and OTT. In addition, it has technical integrations 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.

Amagi’s revenues have grown by 136 per cent in the fiscal ending March 21. This momentum continues, driven by 44 per cent YoY growth in new customers, including brands such as NBCUniversal, USA Today, and ABS-CBN. Amagi enables up to 40 per cent savings in cost of operations as compared to traditional delivery models. As ad spends shift to connected TV and OTT, Amagi enables customers to effectively monetize their content libraries with its new product introductions. The company has been delivering 5-10x growth in ad impressions for some of its top customers.

“The global media and entertainment industry is poised for unprecedented growth. Amagi’s 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.

Amagi provides a suite of solutions for content creation, distribution, and monetization. The company also has a cloud broadcast operations center that can support over 1000 live linear channels. Amagi clients include A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Tastemade, Tegna, Vice Media, and Warner Media.