Amagi, a cloud SaaS technology provider for broadcast and streaming television, has raised $95 million in a new funding round led by Accel. The latest investment brings Amagi’s valuation to more than $1 billion. Existing investors Norwest Venture Partners and Avataar Ventures also participated in the round.
The funding will enable the company to accelerate business expansion across multiple geographies and its product portfolio in the media and entertainment (M&E) market. The company will increase sales and marketing by fivefold across the globe. Amagi will also explore allied and adjunct opportunities in the cloud and video market to deliver greater impact across the value chain, evaluating the mergers and acquisitions (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines, the company said.
The investment comes on the back of 108% YoY revenue growth and 59% surge in customers onboarded in 2021. The company also recorded 112% YoY growth in ad impressions generated using Amagi’s dynamic ad insertion platform, Amagi THUNDERSTORM.
“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,” said Baskar Subramanian, CEO & Co-founder, Amagi.
“Our investors have a known history of crafting the success stories of companies with the promise of potential. We look forward to leveraging their astute understanding of the B2B SaaS landscape to successfully navigate the market intricacies and position ourselves for sustained success in the coming years.”
Amagi’s clients include large media conglomerates such as NBCUniversal, Paramount, A+E Networks UK, Connected TV 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 among others.