Amagi, a leading provider for broadcast and streaming television reported that it has raised around $100 million from General Atlantic, a private equity firm.
As part of this financial rounding, the private equity firm would invest $80 million in primary capital depending on the regulatory approval. This investment would value Amagi at $1.4 billion as compared to $1 billion valuation during the last funding in March 22.
The Media technology startup has decided to use its funds in AI-driven personalization, customer support infrastructure, advertisement, live streaming solutions. CEO of Amagi stated that the company has also raised $100 million in annual recurring revenue (ARR) after witnessing a record growth in the third quarter.
On this funding, Baskar Subramanian, Co-founder and CEO of Amagi said, “We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalized content and engaging advertising experiences to their consumers”
Amagi comes under the most profitable companies and has expanded its services to international markets including South Korea, Germany, and Australia. Currently, it assists 680+ content brands, 800+ playout chains, 2100+ channel deliveries on the platform.
Shantanu Rastogi, MD and Head of India at General Atlantic shares its view on 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.”
Citation: Forbes
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