Tech agency Amagi on Saturday mentioned Accel, Avataar Ventures, Norwest Venture Partners and present investor Premji Invest have collectively invested over USD 100 million (about Rs 735.2 crore) within the firm.
The enterprise funds have purchased out the stake held by Emerald Media (an funding platform backed by KKR) and Mayfield Fund, an announcement mentioned.
Nadathur Holdings continues as an present investor in Amagi, a cloud-based SaaS (software program as a service) expertise for broadcast and related TV, it added.
“The transaction heralds the coming together of best-in-class SaaS venture funds and one of the largest media SaaS companies globally to further accelerate the tremendous momentum for the USD 50 billion cloud-based video content creation, distribution, and monetisation market,” it mentioned.
The partnership will present media corporations the much-needed agility and effectivity to achieve the normal broadcast and the evolving OTT and streaming TV universe, it added.
Amagi co-founder and CEO Baskar Subramanian mentioned the corporate will immensely profit from the collective expertise of Accel, Avataar, Norwest, and Premji Invest in quickly scaling its enterprise and increasing its international 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,” he added.
Amagi began in 2008 in India as a cloud-based geo-targeted TV promoting firm, however pivoted in 2018 in direction of SaaS-based broadcast and streaming of 24×7 reside linear channels.
With over 800 channels on its platform, together with playout and redundancies, Amagi has emerged as one of many largest cloud deployment companions on the planet, with distribution in 40 international locations throughout cable, related TV and OTT.
In addition, it has developed technical integration with ad-supported platforms similar to The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, STIRR, VIZIO, Xumo, and different high 30 OTT platforms.
The firm”s revenues have grown by 136 per cent within the fiscal ending March 2021. It noticed 44 per cent year-on-year progress in new prospects, together with manufacturers similar to NBCUniversal, USA Today, and ABS-CBN.
Amagi purchasers embrace A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Tastemade, Tegna, Vice Media, and Warner Media.
“We have seen Amagi strengthen their main place within the media SaaS market over the past 5 years due to their nimbleness, modern expertise, and buyer focus. This cements our confidence in Amagi, and we proceed to spend money on them,” Atul Gupta, Partner at Premji Invest, mentioned.
Shekhar Kirani, Partner at Accel, mentioned Amagi”s cloud-based expertise is enabling content material house owners – huge and small – to succeed in wider audiences, ship personalised content material, appeal to advertisers, and scale back value of operations.
“We are incredibly positive about Amagi”s potential to grow further and consolidate its leadership position as the de facto SaaS solution for media creation, delivery, and monetisation,” Kirani added.