General Atlantic, a private equity firm that invests globally, led a $100 million investment round for media technology company Amagi. The $80 million they invested was enough to make the company worth $1.4 billion. Amagi achieved the unicorn status only seven months after the investment round closed thanks to support from Accel, Norwest Venture Partners and Avataar Ventures.
Cloud-based media Software as a Service company uses funding to build artificial intelligence-driven solutions for live streaming, advertising and customer support. They also plan to improve their infrastructure for support of their SaaS cloud software.
NY-based company Amagi was founded in 2008 by KA Srinivasan and Srividhya Srinivasan; their father is Baskar Subramanian.
Subramanian praised General Atlantic as a suitable investment partner for their growth journey. He also noted that they had set themselves the ambitious goal of creating futuristic technology solutions that could help media companies deliver premium personalized content to their consumers.
The company offers cloud-based broadcasting and targeted advertising solutions to client streaming and broadcast TV networks. These include beIN Sports, Curiosity Stream, Fox Networks, Cinedigm, Warner Bros. Discovery and many other players.
A report by PricewaterhouseCoopers stated that the global media and entertainment industry will be worth $3 trillion by 2026. Amagi believes that this can be expanded through creating new opportunities through natural and unnatural means.
At the end of July through September, Amagi customers expect to receive $100 million a year in recurring revenue. The company now operates in countries like South Korea, Germany and Australia; its goal is to continue expanding into new international markets.