Emerald Media (an investment platform backed by KKR) and Mayfield India have today announced that they have sold their stake in Amagi, a cloud-based SaaS platform for broadcast and connected TV. Accel, Avataar, Norwest Venture Partners, along with existing Amagi investor Premji Invest have collectively invested well over US$100 million to pick up the stake held by Emerald Media and Mayfield India. With this funding, the company has raised more than $150 million so far.
Founded in 2008 by Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi enables content owners to launch, distribute and monetize live linear channels on free-ad-supported television and video services platforms through a suite of solutions. It also provides 24×7 cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. Amagi has presence in New York, Los Angeles, Toronto, London, Paris, Singapore, broadcast operations in New Delhi, and an innovation centre in Bengaluru.
“Emerald Media and Mayfield India were early investors in Amagi. They invested at a time when cloud technology in broadcast media was in its infancy. 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,” said Baskar Subramanian, co-founder and CEO, Amagi.
The company claims to support over 500 content brands, over 800 channels including playouts and redundancies and overall 2,000 channel deliveries on its platform across more than 40 countries, reported MoneyControl. Its clients include A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Tastemade, Tegna, Vice Media, and Warner Media.
The firm said it has also developed deep technical integration with ad-supported platforms such as The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, STIRR, VIZIO, Xumo, and other top 30 video streaming platforms across markets like the United States, LatAm, Europe, and Asia.
“The global media and entertainment industry is poised for unprecedented growth. Amagi’s market-leading cloud-based technology is enabling content owners – big and small – to reach wider audiences, deliver personalized content, attract advertisers, and reduce cost of operations,” said Shekhar Kirani, partner, Accel.
Amagi said its revenues have grown by 136% for the fiscal ending March 2021, driven by a 44% year-on-year growth in new customers including brands such as NBCUniversal, USA Today, and ABS-CBN.