Cloud-based media platform Amagi raises $100 million led by General Atlantic

Media technology company Amagi has raised $100 million in an investment round led by global private equity firm General Atlantic which invested $80 million. Amagi is now valued at $1.4 billion. The company achieved the unicorn status just seven months ago when it raised $95 million from Accel, Norwest Venture Partners, Avataar Ventures and other existing investors. 
 
The cloud-based media Software as a Service company will use the funding to strengthen its infrastructure of customer support, build artificial intelligence-driven personalisation, advertising and live streaming solutions, particularly, in the free-ad supported streaming TV ecosystem. 
 
Amagi is a New York-based start-up founded in 2008 by India-born Baskar Subramanian, KA Srinivasan, and Srividhya Srinivasan. 
 
Commenting on the fundraise, Subramanian called General Atlantic an “ideal investment partner” in the current stage of their growth journey. He also said, “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.”
 
The New York-based company provides cloud broadcast and targeted advertising solutions to broadcast and streaming television platforms. It counts beIN Sports, Curiosity Stream, Cinedigm, Warner Bros. Discovery, Fox Networks, and several other players as its clients. 
 
According to a report by PricewaterhouseCoopers, the global media and entertainment industry is slated to reach $3 trillion in revenues by 2026. Amagi believes that there are significant opportunities for growth in this segment through organic and inorganic activities.
 
Amagi reached an annual recurring rate of $100 million at the end of its second quarter (July-August-September). The company which has now expanded its customer base to countries like Germany, South Korea, and Australia wants to continue to grow both in international markets as well as the domestic ones.
 

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