Amagi, a media technology provider, announced over $100 million in investment inclusive of $80 million in primary capital from global growth equity firm General Atlantic. The investment brings its valuation to $1.4 billion, representing an increase from the $1 billion valuation the company achieved in March 2022 with a $95 million investment from Accel, Norwest Venture Partners, and Avataar Ventures, even amidst prevailing difficult market conditions.
Since then, Amagi has crossed the $100 million annual recurring rate (ARR) threshold after a record second July to September quarter. The three venture capitalist firms remain its key investors along with Premji Invest and Nadathur Holdings. General Atlantic’s investment is expected to close following receipt of regulatory approval.
Amagi offers a full suite of solutions for the 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.
With this latest funding, the company expects to strengthen its support infrastructure for customers and invest in AI-driven personalisation, advertising and live-streaming solutions. With the global media and entertainment industry projected to reach nearly $3tn in revenues by 2026, Amagi believes there are significant opportunities for growth through organic and inorganic activities.
“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalised content and engaging advertising experiences to their consumers. We believe that General Atlantic, with its longstanding history of helping technology companies build enduring models, is the ideal investment partner for this stage of our growth journey. We are thrilled to have their backing and look forward to leveraging their expertise,” said Baskar Subramanian, co-founder and chief executive officer of Amagi.
“Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimize results for their broadcast and streaming partners globally,” added Shantanu Rastogi, managing director and head of India at General Atlantic.