New York-based cloud SaaS technology startup Amagi has now turned unicorn after raising $95 million (about Rs 723 crore) in a new financing round at a billion-dollar valuation.
Accel and existing investors Norwest Venture Partners and Avataar Ventures led the new round. Amagi, which has now raised over $280 million in funding, will infuse the raised capital to accelerate business expansion, both in terms of Amagi’s international footprint, as well as its product portfolio in the current media and entertainment (M&E) market.
“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 & Co-founder, Amagi.
Founded by Baskar Subramanian, KA Srinivasan (Srini), and Srividhya Srinivasan, The cloud-based technology startup offers creation, distribution, and monetization of live, linear, and on-demand channels across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST) platforms, worldwide.
It enables content owners to launch, distribute and monetize live linear channels on free Ad-supported streaming TV and video services platforms.
Amagi says it aims to increase sales and marketing five-fold across the globe. It will also explore allied and adjunct opportunities in the cloud and video market to deliver greater impact across the value chain, evaluating the mergers and acquisitions (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines.
“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,” Baskar adds.
Amagi claims to have recorded 108% year-on-year (Y-o-Y) growth in revenue and a 59% surge in customers onboarded in 2021.
The startup counts large media conglomerates (NBCUniversal, Paramount, A+E Networks UK & more), connected TV majors (Samsung TV Plus, Roku, VIZIO, LG Channels & more), content owners (Tastemade, USA Today, AccuWeather & more), and leading OTT/FAST players (Fubo, STIRR, Redbox, Rakuten TV & more) as its well-known customers.
“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.
According to the statement, Amagi supports more than 650 content brands, 800+ playout chains, and over 2000 channel deliveries on its platform in over 40 countries. It has its presence in New York, Los Angeles, Toronto, London, Paris, Singapore, broadcast operations in New Delhi, and an innovation center in Bangalore.