Amagi, an India-based media technology provider, announced Thursday over $100 million in investment, inclusive of $80 million in primary capital, from global growth equity firm General Atlantic.
The investment brings Amagi’s valuation to $1.4 billion, representing an increase from the $1 billion valuation the company achieved in March 2022 with a $95 million investment from Accel, Norwest Venture Partners and Avataar Ventures, Amagi said in a statement.
The three venture capitalist firms remain as Amagi’s investors along with Premji Invest and Nadathur Holdings. General Atlantic’s investment is expected to close following receipt of regulatory approval.
With this latest funding, the company expects to strengthen its support infrastructure for customers and invest in artificial intelligence (AI)-driven personalization, advertising, and live streaming solutions, particularly in the free ad-supported streaming TV (FAST) ecosystem.
With the global media and entertainment industry projected to reach nearly $3 trillion in revenues by 2026, Amagi believes there are significant opportunities for growth through organic and inorganic activities.
“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalized content and engaging advertising experiences to their consumers,
“We believe that General Atlantic, with their 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,” said Baskar Subramanian, Co-Founder and Chief Executive Officer of Amagi.
Amagi is a next-generation media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms.
It offers a full suite of solutions for the creation, distribution, and monetization of live, linear, and on-demand channels across cable, over-the-top (OTT), and CTV-led free ad-supported streaming TV (FAST) platforms globally.
It enables content owners to launch, distribute and monetize live linear channels on FAST and video services platforms.
The firm also offers 24×7 cloud-managed services bringing simplicity, advanced automation, and transparency to the entire broadcast operations.
Overall, it supports 700+ content brands, 800+ playout chains, and over 2100 channel deliveries on its platform in over 40 countries.
The firm has a presence in New York, Los Angeles, Toronto, London, Paris, Melbourne, Seoul, Singapore, and broadcast operations in New Delhi, and an innovation center in Bangalore.
It has continued to grow and crossed the $100 million accounting rate of return (ARR) threshold after a record second quarter (July-September).
“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,” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic.
“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,” he said.
Amagi’s clients include ABS-CBN, A+E Networks UK, beIN Sports, Curiosity Stream, Cinedigm, Warner Bros. Discovery, Fox Networks, Fremantle, Gannett, Gusto TV, NBCUniversal, Tastemade, Tegna, and Vice Media, among others.
The company has now expanded into Germany, South Korea, and Australia, bolstering its international presence and staying closer to customers in growth markets.
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