Amagi raises over $100 million from Accel, Premji Invest&other investors
Bengaluru, 11 September SaaS (software-as-a-service) company Amagi has raised over $100 million from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest in the latest funding round.
With this round of funding, these investors have bought out the stake held by Emerald Media, which is an investment platform backed by KKR and Mayfield Fund.
"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.
Amagi started its operations in 2008 in India as a cloud-based geo-targeted TV advertising company but later pivoted in 2018 towards SaaS-based broadcast and streaming of 24x7 live linear channels.
Currently, the company has 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.
Commenting on the development, Atul Gupta, Partner at Premji Invest, said, "We have seen Amagi strengthen their leading position in the media SaaS market over the last five years because of their nimbleness, innovative technology, and customer focus. This cements our confidence in Amagi, and we continue to invest in them."
Similarly, Shekhar Kirani, Partner at Accelsaid that Amagi's cloud-based technology is enabling content owners, both big and small, to reach wider audiences, deliver personalised content, attract advertisers, and reduce the cost of their operations.