Amagi raises $100 million, valued at $1.4 billion
Amagi, a supplier of media technologies, has received a $100 million investment from global growth equity company General Atlantic, which includes $80 million in primary capital. Despite current market conditions, the investment raises Amagi’s valuation to $1.4 billion, a significant rise from the $1 billion valuation obtained in March 2022 with a $95 million investment from Accel, Norwest Venture Partners, and Avataar Venture Partners. The brand aims to invest in customer support infrastructure as well as advertising, AI-driven personalization, and live streaming solutions, particularly in the FAST ecosystem.
Amagi, founded in 2008 by Srividhya Srinivasan, Baskar Subramanian, and Srividhya KA, provides a comprehensive suite of solutions for the creation, distribution, and monetization of live, linear, and on-demand channels across cable, OTT, and CTV-led free ad-supported streaming TV (FAST) platforms worldwide.
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, 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 optimize results for their broadcast and streaming partners globally. We look forward to partnering with the Amagi leadership team to further fast-track their growth as they continue to shape the future of cloud-based broadcast.” Amagi has grown steadily since its beginning, surpassing the $100 million ARR mark during a record second quarter (July-September). Along with Premji Invest and Nadathur Holdings, the three venture capital companies remain investors. General Atlantic’s transaction is likely to close after regulatory approval.
“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalized content and engaging advertising experiences to their consumers,” said Baskar Subramanian, Co-founder, and CEO of Amagi.
“We believe that General Atlantic, with its longstanding history of helping technology companies build enduring models, is the ideal investment partner for this stage of our growth journey. We are thrilled to have their backing and look forward to leveraging their expertise,” he adds. StartupStorymedia