Amagi, which offers cloud broadcast and targeted advertising software to scores of media and entertainment giants, has raised a large new funding round as it looks to expand its tech offerings and invest in an AI-powered personalization stack.
General Atlantic led a new round of over $100 million, which included about $20 million in secondary buybacks, the New York and Bengaluru-headquartered startup said in a statement. The Series F funding has propelled Amagi’s valuation to $1.4 billion, up from $1 billion in March this year.
The startup, which has raised about $350 million to date (according to insight firm Tracxn), said it crossed the $100 million annualized recurring revenue (ARR) for the second time in the quarter that ended in September.
Amagi’s platform allows its clients to create content that can be monetized and distributed via broadcast TV and streaming TV platforms such as The Roku Channel, Samsung TV Plus and Pluto TV.
The company already supports more than 2,000 channels on its platform across dozens of countries, including Australia, Germany and South Korea -- markets where it recently expanded.
The startup -- whose backers include Accel, Norwest Venture Partners, Avataar Ventures and Premji Invest -- told TechCrunch in an earlier interview that it has simplified its tech stack to a point that even a client without much technology resources can use and scale with it.
Amagi said at the time that it had helped customers bring down their operational cost savings by up to 40%, compared to traditional delivery models as ad impressions shot up by up to 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 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,” said Baskar Subramanian, co-founder and CEO of Amagi.
Amagi plans to deploy the fresh funds to expand its infrastructure offerings and invest in AI-driven personalisation, advertising and live streaming solutions, it said.
"Amagi has 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," said Shantanu Rastogi, managing director and head of India at General Atlantic, in a statement.