Amagi, a provider of infrastructure for delivering streaming video content and ads, announced that it raised more than $100 million in funding, including $80 million in primary capital, from private-equity firm General Atlantic.
New York-based Amagi said it plans to use the funding to bolster its support infrastructure for customers and invest in AI-driven personalization, advertising and livestreaming solutions — particularly in the free, ad-supported streaming television (FAST) segment.
The investment brings the company’s valuation to $1.4 billion, up from $1 billion in March 2022 after it received a $95 million investment from Accel, Norwest Venture Partners and Avataar Ventures. The three venture capitalist firms remain as Amagi’s investors along with Premji Invest and Nadathur Holdings. General Atlantic’s investment is expected to close following receipt of regulatory approval.
Amagi’s customers include Warner Bros. Discovery, Fox Networks, NBCUniversal, A+E Networks UK, beIN Sports, Curiosity Stream, Cinedigm, Fremantle, Gannett, Gusto TV, Tastemade, Tegna and Vice Media Group. Overall, Amagi supports more than 700 content brands, 800-plus playout chains, and over 2,100 channel deliveries on its platform in more than 40 countries.
The privately held company said it crossed an annual revenue run rate of $100 million after record sales in the second quarter of 2022.
“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,” said Baskar Subramanian, co-founder and CEO of Amagi, in announcing the new funding. “We believe that General Atlantic, with their longstanding history of helping technology companies build enduring models, is the ideal investment partner for this stage of our growth journey.”
Amagi was an early mover in the rise of FAST services and has “also “championed the use of cloud technology to optimize results for their broadcast and streaming partners globally,” commented Shantanu Rastogi, managing director and head of India at General Atlantic. “We look forward to partnering with the Amagi leadership team to further fast-track their growth as they continue to shape the future of cloud-based broadcast.”
The company recently expanded into Germany, South Korea and Australia. Amagi currently has offices in New York, L.A., Toronto, London, Paris, Melbourne, Seoul and Singapore; broadcast operations in New Delhi; and an innovation center in Bangalore.
