Bangalore-based (India) cloud-based media tech firm Amagi raised USD 95 million on March 16, 2022. The recent funding turned Amagi into a unicorn with more than USD 1 billion valuation. Venture capitalist firm Accel led the funding.
Existing investors, including Northwest Partners and Avataar Ventures, also participated in the funding. So far, Amagi’s total funding is more than USD 425 million.
Previously, Perfios and Hasura turned into unicorns this year. Earlier, Mamaearth, Dealshare, Darwinbox and Lead School had joined the unicorn club.
Amagi’s Reason for Funding
The recent funding will aid Amagi in business expansion. It will launch its operations across multiple geographies.
Further, Amagi will witness diversification of product portfolio in the current media and entertainment (M&E) market.
They also seek to explore the cloud and video market opportunities to deliver a more significant impact across the value chain. The company will evaluate mergers and acquisitions opportunities to contribute to revenue growth. Besides, they will add technology capabilities to their product lines.
What the founder has to say
“The demand environment is unprecedented, and we want to prepare ourselves to deliver in these markets. We truly have the tech and product-market fit. And we’re planning to increase our salesforce by five-fold in the US, LatAm, Australia, and Korea. We will deploy the funds towards M&A opportunities and tech tuck-ins where we can augment our business,” said Baskar Subramanian, co-founder and chief executive officer (CEO) of Amagi.
“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,” he added.
What the investor has to say
“As the most preferred media SaaS company in the world, Amagi is leading the booming M&E industry to greater heights of technological innovation and strategic growth,” said Shekhar Kirani, Partner at Accel.
About Amagi
Amagi is a Bangalore-based cloud Saas technology service provider for broadcast and streaming television.
It offers creation, distribution, and monetization of live, linear, and on-demand channels. They support platforms across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST).
Overall, the media startup supports more than 650 content brands, 800 plus playout chains, and over 2000 channel deliveries across 40 countries via its platform.
They boast a clientele of large media conglomerates. It includes NBCUniversal, Paramount, A+E Networks UK. Besides, they support connected TV players like Samsung, Roku, Vizio, and LG channels. Among the content owners, they have Tastemade, USA Today, and AccuWeather as their customers.
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 cloud-based media tech firm Amagi raised USD 95 million on March 16, 2022. Venture capitalist firm Accel led the funding.){kind=link}