Amagi Media Labs, which facilitates geo-targeting of television ads, on Monday said the company has raised funds from Premji Invest...
Amagi Media Labs, which facilitates geo-targeting of television ads, on Monday said the company has raised funds from Premji Invest, the family office of Wipro chairman Azim Premji and its existing investor Mayfield Fund to bolster growth in India and overseas markets. Though the company did not disclose details of the deal, sources said Amagi Media has raised $12-15 million in the latest round.
The company claims that more than 30 of the country’s top 50 advertisers work with its platform to target ads in specific markets. In India, the funds will primarily be used for expanding its geo-targeting network, including addition of new channels to its bouquet. Having recently opened a Japan office, Amagi intends to use these funds to set up local offices in the UK, Singapore and the US.
“At this stage in our development, it is critical that we get the right investors on board whose vision matches ours and in this respect we are extremely pleased to have Premji Invest associate with us. This investment also reconfirms Mayfield Fund’s continuing confidence in our execution and growth. With over 300% growth in revenue from last year, we have become the de facto choice for brands in their pursuit for effective advertising,” co-founder Baskar Subramanian said.
Amagi had earlier raised $12 million from Nadathur Investments and Mayfield Fund.