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Amagi, a media technology provider, has raised $100 million in investment, inclusive of $80 million in primary capital, from global growth equity firm General Atlantic.
The investment brings Amagi’s valuation to $1.4 billion, representing an increase from the $1 billion valuation the company achieved in March 2022 with a $95 million investment from Accel, Norwest Venture Partners, and Avataar Ventures.
Amagi said it crossed the $100 million Annual Recurring Revenue (ARR) threshold after the second quarter (July-September). The three venture capitalist firms remain as Amagi’s investors along with Premji Invest and Nadathur Holdings. General Atlantic’s investment is expected to close following receipt of regulatory approval.
With this latest funding, the company expects to strengthen its support infrastructure for customers and invest in AI-driven personalisation, advertising and live-streaming solutions, particularly in the FAST ecosystem.
Futuristic tech
“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. We believe that General Atlantic, with their longstanding history of helping technology companies build enduring models, is the ideal investment partner for this stage of our growth journey,” said Baskar Subramanian, Co-founder, and CEO of Amagi.
Amagi offers solutions for the creation, distribution, and monetisation of live, linear, and on-demand channels across cable, OTT, and CTV-led free ad-supported streaming TV (FAST) platforms globally.
With the global media and entertainment industry projected to reach nearly $3 trillion in revenues by 2026, Amagi believes there are significant opportunities for growth through organic and inorganic activities.
Amagi’s clients include ABS-CBN, A+E Networks UK, beIN Sports, Curiosity Stream, Cinedigm, Warner Bros. Discovery, Fox Networks, Tegna, and Vice Media, among others. The company has now expanded into Germany, South Korea, and Australia, bolstering its international presence and staying closer to customers in growth markets.
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