Amagi, a cloud-based SaaS technology company for broadcast and connected TV, raised $95 million in funding, following 108% YoY growth in revenue. The round was led by Accel along with the existing investors Norwest Venture Partners and Avataar Ventures.
Amagi is a provider a suite of solutions designed for the creation, distribution and monetization of live, linear and on-demand channels across cable, OTT and Connected TV (CTV)-led Free Ad-supported Streaming TV (FAST) platforms. The latest investment brings the company to unicorn status.
With the funding, Amagi plans to expand its international footprint and product portfolio in the media and entertainment market.
“This is a crucial juncture for our business as we look to hit a hyper growth trajectory by creating a winning combination of goals, processes, team structures and more," said Baskar Subramanian, CEO & Co-founder of Amagi, in a statement. "Our investors have a known history of crafting the success stories of companies with the promise of potential. We look forward to leveraging their astute understanding of the B2B SaaS landscape to successfully navigate the market intricacies and position ourselves for sustained success in the coming years."