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Amagi Media, the cloud-based SaaS media technology company for broadcast and connected TVs , has raised over $100 million from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest.
These venture funds have decided to buy out the stake held by Emerald Media (an investment platform backed by KKR) and Mayfield Fund. Nadathur Holdings continues as an existing investor.
“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 $50 billion cloud-based video content creation, distribution, and monetisation market,” the company said in a statement.
“Amagi will immensely benefit from the collective experience of Accel, Avataar, Norwest, and Premji Invest in rapidly scaling our business and expanding our global footprint,” said Baskar Subramanian, Amagi co-founder and CEO.
“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.
With over 800 channels on its platform, including playout and redundancies, Amagi has emerged as one of the leading cloud deployment partners in the world, with distribution in 40 countries across cable, connected TV, and OTT.
“The global media and entertainment industry is poised for unprecedented growth. Amagi’s market-leading cloud-based technology is enabling content owners - big and small - to reach wider audiences, deliver personalized content, attract advertisers, and reduce cost of operations,” said Shekhar Kirani, Partner, Accel.
“We have seen Amagi strengthen their leading position in the media SaaS market over the last five years because of their nimbleness, innovative technology, and customer focus. This cements our confidence in Amagi, and we continue to invest in them,” added Atul Gupta, Partner, Premji Invest.
In addition, Amagi Media has developed technical integration with ad-supported platforms such as The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, STIRR, VIZIO, Xumo, and other top 30 OTT platforms.
“Media companies are striving hard to maximize revenues and stay profitable amidst shifting consumer preferences. Amagi accurately gauged the direction of the industry transition almost a decade ago and successfully took to market pioneering cloud solutions to meet evolving media requirements.,” said Nishant Rao, Founding Partner at Avataar Ventures in a statement.
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