Amagi, which provides cloud distribution and targeted advertising software to several media and entertainment giants, has secured a major new round of funding as it looks to expand its technology offerings and invest in its AI-powered personalization stack.
General Atlantic has led a new round of more than $100 million, which includes about $20 million in secondary acquisitions, the New York and Bengaluru-headquartered startup said in a statement. The Series F funding boosted Amagi’s valuation to $1.4 billion from $100 million in March this year.
The startup, which has raised about $350 million to date (according to Tracxn), said it surpassed $100 million in annual recurring revenue (ARR) for the second time in the quarter ended in September.
Amaggi’s platform enables its customers to create content that can be monetized and distributed on broadcast TV and broadcast TV platforms such as The Roku Channel, Samsung TV Plus and Pluto TV.
The company supports more than 2,000 channels on its platform in dozens of countries, including Australia, Germany and South Korea – markets it recently expanded into.
The startup — whose backers include Accel, Norwest Venture Partners, Avatar Ventures and Premji Invest — told TechCrunch in an earlier interview that its technology stack has grown to a point where even a customer without a lot of tech resources can use and scale it.
Amagi said at the time that it helped clients lower their operational cost savings by up to 40%, while increasing ad impressions by up to 10 times compared to traditional delivery models.
Clients include NBCUniversal, Warner Bros. They include Discovery, Fox Network, ABS-CBN, A+E Networks UK, beIN Sports, Curiosity Stream, Gannett, Gusto TV and Vice Media.
“We are committed to developing future technology solutions that help media companies deliver premium, personalized content and ad experiences to their consumers,” said Baskar Subramanian, co-founder and CEO of Amagi.
Amagi said it plans to deploy the new funding to expand its infrastructure offerings and invest in AI-based personalization, advertising and live streaming solutions.
“Amagi has demonstrated a consistent ability to predict key trends by being a first mover to add free ad-supported streaming TV. The company has championed the use of cloud technology to optimize results for its distribution and streaming partners globally,” said Shantanu Rastogi, managing director, India, General Atlantic, in a statement.
