Bengaluru, March 16 (SocialNews.XYZ) Leading media software-as-a-service (SaaS) company Amagi on Wednesday said it has raised $95 million followed by a 108 per cent growth (on-year) in revenues -- becoming a new unicorn (with a valuation of more than $1 billion).
The round was led by Accel with participation from existing investors Norwest Venture Partners and Avataar Ventures.
The company offers creation, distribution, and monetisation of live, linear, and on-demand channels across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST) platforms globally.
"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 and Co-founder, Amagi.
This funding will enable the company to accelerate business expansion, both in terms of Amagi's international footprint, as well as its product portfolio in the current media and entertainment (M&E) market.
Amagi said it will also explore 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.
"As the most preferred media SaaS company in the world, Amagi is leading the booming M&E industry to greater heights of technological innovation and strategic growth," said Shekhar Kirani, Partner, Accel.
Overall, Amagi supports more than 650 content brands, over 800 playout chains and over 2,000 channel deliveries on its platform in over 40 countries.
Amagi has presence in New York, Los Angeles, Toronto, London, Paris, Singapore, broadcast operations in New Delhi and an innovation centre in Bengaluru.
Source: IANS
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