Cloud-based SaaS technology for broadcast specialist Amagi has secured US$95 million in new funding in a round led by Accel with participation from existing investors Norwest Venture Partners and Avataar Ventures.
This latest investment brings Amagi’s valuation to more than US$1 billion, making it one of the highest-valued media tech companies. The company, which supports creation, distribution, and monetization of live, linear, and on-demand channels across cable, OTT, and connected TV-led Free Ad-supported Streaming TV (FAST) platforms, said the funding would enable it to accelerate business expansion, both in terms of its international footprint, and its product portfolio.
The company has set a target to increase sales and marketing fivefold across the globe. Amagi will also explore allied and adjunct opportunities in the cloud and video market to deliver greater impact across the value chain, and will evaluate M&A opportunities that can contribute to revenue growth or add technology capabilities to product lines, it said.
Amagi said it has recorded 108% year-on-year revenue growth, without revealing an overall figure. It said customers onboarded grew by 59% last year, while year-on-uyear growth in ad impressions generated by its dynamic ad insertion platform, Thunderstorm, grew by 112%.
“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. 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,” said Baskar Subramanian, CEO and co-founder, Amagi.
“As the most preferred media SaaS company in the world, Amagi is leading the booming M&E industry to greater heights of technological innovation and strategic growth. Amagi’s impressive momentum is a direct result of its cutting-edge products, superior customer experience and talented leadership. We are thrilled to help fuel the company’s long-term success,” said Shekhar Kirani,partner, Accel.