Amagi, which offers cloud broadcast and targeted promoting software to scores of media and entertainment giants, has raised a big recent funding round because it looks to expand its tech offerings and put money into AI-powered personalization stack.
General Atlantic led a recent round of over $100 million, which included about $20 million in secondary buybacks, the Recent York and Bengaluru-headquartered startup said in an announcement. The Series F funding has propelled Amagi’s valuation to $1.4 billion, up from $100 million in March this 12 months.
The startup, which has raised about $350 million up to now (in response to insight firm Tracxn), said it crossed the $100 million annualized recurring revenue (ARR) for the second time within the quarter that resulted in September.
Amagi’s platform allows its clients to create content that will be monetized and distributed via broadcast TV and streaming TV platforms reminiscent of The Roku Channel, Samsung TV Plus and Pluto TV.
The corporate already supports greater than 2,000 channels on its platform across dozens of nations including Australia, Germany and South Korea — markets where it recently expanded.
The startup — whose backers include Accel, Norwest Enterprise Partners, Avataar Ventures, and Premji Invest — told TechCrunch in an earlier interview that it has simplified its tech stack to some extent that even a client without much technology resources can use and scale with it.
Amagi said on the time that it had helped customers bring down their operational cost savings by as much as 40%, in comparison with traditional delivery models as ad impressions shot up by as much as 10 times.
Its clients include NBCUniversal, Warner Bros. Discovery, Fox Network, ABS-CBN, A+E Networks UK, beIN Sports, Curiosity Stream, Gannett, Gusto TV and Vice Media.
“We’ve set ourselves the ambitious goal of developing futuristic technology solutions that may also help media corporations deliver premium personalised content and interesting promoting experiences to their consumers,” said Baskar Subramanian, Co-founder and CEO of Amagi.
Amagi plans to deploy the fresh funds to expand its infrastructure offerings and put money into AI-driven personalisation, promoting, and live streaming solutions, it said.
“Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover within the rise of free ad-supported streaming TV. The corporate has also championed using cloud technology to optimise results for his or her broadcast and streaming partners globally,” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic, in an announcement.
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