Amagi, which provides cloud solutions for broadcast and streaming TV has announced over $100 million in investment, inclusive of $80 million in primary capital, from global growth equity firm General Atlantic.
The Media Technology provider plans to invest in advertising, AI-driven personalization, and live streaming solutions, particularly in the FAST ecosystem, in addition to bolstering its customer support infrastructure.
Despite the current market conditions, the investment raises Amagi’s valuation from the $1 billion it had attained in March 2022 with a $95 million investment from Accel, Norwest Venture Partners, and Avataar Venture Partners to $1.4 billion.
Amagi to grow through organic and inorganic activities
“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalised content and engaging advertising experiences to their consumers,” said Baskar Subramanian, Co-founder and CEO of Amagi.
“We believe that General Atlantic, with its 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,” Baskar adds.
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said, “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 which provides Unified Cloud Workflows for TV & OTT has also championed the use of cloud technology to optimise results for their broadcast and streaming partners globally. 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.”
Founded in 2008 by Srividhya Srinivasan, Baskar Subramanian, and Srinivasan KA, Amagi offers a full suite of solutions for the creation, distribution, and monetisation of live, linear, and on-demand channels across cable, OTT, and CTV-led free ad-supported streaming TV (FAST) platforms globally.
After a record second quarter, Amagi has expanded ever since it was founded and has now reached $100 million in annual revenue (July-September). Along with Premji Invest and Nadathur Holdings, the three VC firms are still investors.
General Atlantic’s investment is expected to close following the receipt of regulatory approval.
“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalised content and engaging advertising experiences to their consumers,” said Baskar Subramanian, Co-founder and CEO of Amagi.
