Amagi, a media technology company has today announced that it has raised $35 million in a financing round led by Emerald Media along with participation from Premji Invest, the investment arm for Wipro. Previously in October, Emerald Media, had invested $50 million in the same broadcasting and advertising venture. Amagi was founded by Baskar Subramanian, Srinivasan KA, and Srividhya Srinivasan in 2008. This is the second venture for the group after Impulsesoft, a Bluetooth solutions company. With headquarters in Bengaluru, the media company is currently present in 25 countries with offices in New York City, London, Hong Kong, New Delhi, and Mumbai. It plays around million ad seconds every month with 10,000+ Edge servers in play. Commenting on the fundraising round, Baskar Subramanian says,
Emerald Media, has a strong understanding of the TV Broadcast industry and the OTT space and we are very happy to partner with them. Their domain expertise and regional and global media relationships will help us further leverage the transition of the TV broadcasting industry to the cloud and expand our international footprint.
The investment which is a mix of primary and secondary transactions would be channelized towards enhancing R&D efforts around geo-targeted advertising. For its cloud-based managed broadcast services, the company plans for expansion with a major focus on international markets. Amagi has 3000+ advertisers on board and is transforming TV broadcast and advertising industry rapidly. Talking about their investment, Paul Aiello, Managing Director of Emerald Media, says,
Baskar, Srinivasan and Srividhya are the pioneers of targeted-TV advertisement in India. Amagi’s cloud-based managed services and monetization solutions, with high degree of workflow automation make TV networks efficient and future-ready compared to traditional broadcast models. With this investment, we expect Amagi to further expand its reach in the global market.
Till date, Amagi has raised a total amount of $60 million with Emerald Media as its major investor. Other backers for the company, namely Mayfield India and Nadathur Holdings will remain invested. The investors would be assisting Amagi both in terms of capital and domain knowledge.