Amagi Scores $100 Million In Venture Funding
NEW YORK CITY—Cloud-based SaaS technology provider Amagi, which offers solutions focused on broadcast and connected TV, today announced it has secured an investment of more than $100 million from a group of venture funds that have bought out the stake in company held by Emerald Media, the investment platform backed by KKR, and Mayfield India.
The venture fund investors include Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji. Nadathur Holdings continues as an existing investor, the company said.
“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 Amagi co-founder and CEO Baskar Subramanian.
“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.”
Amagi has more than 800 channels on its platform, including playout and redundancies. It has emerged as one of the largest cloud deployment partners in the world, the company said.
It also have developed technical integrations with ad-supported platforms like The Roku Channel, Samsung TV Plus, Pluto TV and many others.
Company revenues grew by 136% for the fiscal year ending March 21. Revenues are being driven by a 44% year-over-year growth in new customers. Among those companies are NBCUniversal, USA Today and ABS-CBN, it said.
The company provides a suite of solutions for content creation, distribution and monetization. It also has a state-of-the art broadcast operations center capable of supporting more than 1,000 live linear channels.
More information is available on the company’s website.
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