Amagi, a media technology provider, on Thursday said it has raised over $100 million from General Atlantic at a valuation of $1.4 billion. The latest valuation was an increase from the $1-billion valuation that the company hit in March after it raised $95 million from Accel, Norwest Venture Partners and Avataar Ventures.
The company said the latest fundraise includes $80 million in primary capital. Further, the company said it has crossed the $100 million annual revenue run rate (ARR) “after a record second quarter (July-September)”.
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Amagi offers a solutions for the creation, distribution, and monetisation of live and on-demand channels across cable, over the top (OTT) and other platforms globally. The company said it will use these plans to strengthen its support infrastructure for customers and invest in artificial intelligence (AI)-driven personalisation, advertising, and other live streaming solutions.
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“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…” said Baskar Subramanian, co-founder and CEO, 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,” said Shantanu Rastogi, MD and head of India at General Atlantic.
Warner Bros Discovery, Fox Networks, NBCUniversal are some of Amagi’s clients. The company has also taken its services to Germany, South Korea, and Australia, it said.