2022 has seen cloud-based SaaS broadcast and CTV technology provider Amagi expand into new territories, enhance its core platform and see revenues soar and the company is ending the year with investment of over $100 million from global growth equity firm General Atlantic.
The investment is inclusive of $80 million in primary capital and brings Amagi’s valuation to $1.4 billion, an increase from its billion dollar unicorn valuation achieved seven months ago with a $95 million investment from Accel, Norwest Venture Partners and Avataar Ventures. Since then, Amagi has continued to grow and crossed the $100 million annual recurring revenue (ARR) threshold after a record second quarter (July-September). The three venture capitalist firms remain as Amagi’s investors along with Premji Invest and Nadathur Holdings. General Atlantic’s investment is expected to close following receipt of regulatory approval.
Explaining the reasons for the company’s its investment Shantanu Rastogi, managing director and head of India at General Atlantic noted that Amagi had demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. “The company has also championed the use of cloud technology to optimise results for their broadcast and streaming partners globally,” he said “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.”
With this latest funding, Amagi expects to strengthen its support infrastructure for customers and invest in AI-driven personalisation, advertising and live streaming solutions, particularly in the FAST ecosystem. It added with the global media and entertainment industry projected to reach nearly US $3 trillion in revenues by 2026, Amagi believes there are significant opportunities for growth 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,” added Baskar Subramanian, co-founder and CEO of Amagi. “We believe that General Atlantic, with their 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.”
Explaining the reasons for the company’s its investment Shantanu Rastogi, managing director and head of India at General Atlantic noted that Amagi had demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. “The company has also championed the use of cloud technology to optimise results for their broadcast and streaming partners globally,” he said “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.”
With this latest funding, Amagi expects to strengthen its support infrastructure for customers and invest in AI-driven personalisation, advertising and live streaming solutions, particularly in the FAST ecosystem. It added with the global media and entertainment industry projected to reach nearly US $3 trillion in revenues by 2026, Amagi believes there are significant opportunities for growth 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,” added Baskar Subramanian, co-founder and CEO of Amagi. “We believe that General Atlantic, with their 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.”
