Broadcast and connected TV cloud-based software-as-a-service provider Amagi has secured investment of over US$100 million from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest.
The venture funds have bought out the stake held by Emerald Media, an investment platform backed by KKR and Mayfield India. Nadathur Holdings continues as an existing investor.
Amagi said that the transaction saw the coming together of leading SaaS venture funds with one of the largest media SaaS companies globally to further accelerate its momentum in the $50 billion cloud-based video content creation, distribution, and monetization market.
Amagi claims over 800 channels on its platform, including playout and redundancies, with distribution in 40 countries across cable, connected TV, and OTT.
It has also developed technical integration with ad-supported platforms such as The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, STIRR, VIZIO and Xumo, providing distribution coverage for content owners to reach audiences in the US, Latin America, Europe, and Asia.
Amagi clients include A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Tastemade, Tegna, Vice Media, and Warner Media.
“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, Amagi co-founder and CEO.
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16 September 2021 @ 17:30:00 UTC