Tech firm Amagi on Saturday said Accel, Avataar Ventures, Norwest Venture Partners and existing investor Premji Invest have collectively invested over $100 million (about Rs 735.2 crore) in the company.
The venture funds have bought out the stake held by Emerald Media (an investment platform backed by KKR) and Mayfield Fund, a statement said.
Nadathur Holdings continues as an existing investor in Amagi, a cloud-based SaaS (software as a service) technology for broadcast and connected TV, it added.
"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," it said.
The partnership will provide media companies the much-needed agility and efficiency to succeed in the traditional broadcast and the evolving OTT and streaming TV universe, it added.
Amagi co-founder and CEO Baskar Subramanian said the company will immensely benefit from the collective experience of Accel, Avataar, Norwest, and Premji Invest in rapidly scaling its business and expanding its global footprint.
"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.
Amagi started in 2008 in India as a cloud-based geo-targeted TV advertising company, but pivoted in 2018 towards SaaS-based broadcast and streaming of 24x7 live linear channels.
With over 800 channels on its platform, including playout and redundancies, Amagi has emerged as one of the largest cloud deployment partners in the world, with distribution in 40 countries across cable, connected TV and OTT.
In addition, it 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.
The company's revenues have grown by 136 per cent in the fiscal ending March 2021. It saw 44 per cent year-on-year growth in new customers, including brands such as NBCUniversal, USA Today, and ABS-CBN.
Amagi clients include A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Tastemade, Tegna, Vice Media, and Warner Media.
"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," Atul Gupta, Partner at Premji Invest, said.
Shekhar Kirani, Partner at Accel, said Amagi's cloud-based technology is enabling content owners - big and small - to reach wider audiences, deliver personalized content, attract advertisers, and reduce the cost of operations.
"We are incredibly positive about Amagi's potential to grow further and consolidate its leadership position as the de facto SaaS solution for media creation, delivery, and monetisation," Kirani added.
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