Amagi Media Labs Pvt Ltd, which provides cloud-based software-as-a-service (SaaS) technology for broadcast and connected TV, said on Wednesday it has raised $95 million in a new funding round led by Accel.
The latest investment was done at a valuation of over $1 billion, turning it into a unicorn, said Amagi in a statement. Unicorns are private companies that boast of a valuation of at least $1 billion.
Norwest Venture Partners and Avataar Ventures also participated in this funding round, it added.
This investment round follows a $100 million funding in September 2021, when Accel, Norwest and Avataar bought out KKR-backed Emerald Media and Mayfield fund to acquire a stake in 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,” said Baskar Subramanian, CEO and Co-Founder, Amagi.
“Our investors have a known history of crafting the success stories of companies with the promise of potential. We look forward to leveraging their astute understanding of the B2B SaaS landscape to successfully navigate the market intricacies and position ourselves for sustained success in the coming years," added Subramanian.
Amagi offers creation, distribution, and monetization of live, linear, and on-demand channels across cable, Over the top platforms (OTT), and CTV-led Free Ad-supported Streaming TV (FAST) platforms, worldwide. The firm said that the market opportunity for cloud solutions is nearly $50 billion.
The company said the funding will accelerate its business expansion, both in terms of Amagi's international footprint and increase in its product portfolio in the current media and entertainment (M&E) market.
Amagi is also evaluating mergers and acquisitions (M&A) opportunities that can contribute to its revenue growth or add technology capabilities to product lines. The company seeks to boost it sales and marketing by five-fold across the globe, it said.
The company reported a 50% surge in customers onboarded in 2021, it said.
“Amagi’s impressive momentum is a direct result of its cutting-edge products, superior customer experience and talented leadership,” said Shekhar Kirani, Partner, Accel.
“The streaming market is ripe for technologies and innovations that improve how content owners, video platforms and advertisers engage with customers—and capture customer loyalty,” said Dave Zilberman, General Partner, Norwest Venture Partners. “We believe Amagi is the leading media technology player, positioned to propel the market forward in the years to come," said Niren Shah, Managing Director and Head of India, Norwest Venture Partners.
“The media industry has been swept up in a content storm with consumers demanding high-quality, personalized content at faster-than-ever turnaround speeds,” said Nishant Rao, Founding Partner, Avataar Ventures. "Amagi has enabled major media players to stay relevant in these times of change, while helping them to extract nearly 40% operational savings through cloud solutions.”
