With streaming services and linear broadcasting by content creators gaining traction post pandemic, it is but obvious for technology solution providers powering this sector, to reap in benefits. One such provider, India’s over a decade old Amagi, turned unicorn yesterday, having secured $95Mn in capital, through a round led by Accel Partners. This comes less than a month after Accel launched its mega $650Mn fund for India and SE Asia startups.
For this round, existing investors Norwest Venture Partners and Avataar Ventures also participated. The round brings total capital raised by the company to well over $245Mn till date. Valuation crossed the magical $1Bn (thus a unicorn) figure post this round.
“This is a crucial juncture for our business as we look to hit a hyper growth trajectory by creating a winning combination of goals, processes, team structures and more,” CEO and co-founder Baskar Subramanian said.
Amagi is a cloud-based SaaS solutions provider, that helps brands launch streaming and broadcast services over the cloud. It also helps its clients distribute and monetise live linear channels on free-ad-supported television and video services platforms through a suite of solutions.
Almost all major media companeis globally rely on Amagi for their streaming tech. This includes the likes of conglomerates such as NBCUniversal, Paramount, A+E and Networks UK. It also includes digital players such as Samsung TV Plus, Roku, Vizio, and LG Channels, content owners such as Tastemade, USA Today, and AccuWeather and streaming platforms such as Fubo, STIRR, Redbox, and Rakuten TV.
The company has achieved some prolific numbers for its current clients. It has seen 108% YoY revenue growth, driven by demand for Amagi’s best-in-breed products and Free Ad-supported Streaming TV (FAST) partnerships. There has also been a 59% surge in customers onboarded in 2021. On advertising front, Amagi claims a staggering 112% YoY growth in ad impressions generated using its dynamic ad insertion platform, Amagi THUNDERSTORM.
With fresh funds in place, the company is now planning a more aggressive geographic expansion, along with expanding its product portfolio in the media and entertainment (M&E) market.