NEW YORK—Buoyed by surging market demand for cloud solutions and the growth of streaming media, Amagi, a cloud-based SaaS technology provider for broadcast and connected TV, announced that it achieved 108% YoY growth in revenue in 2021 and that it has finished a new $95 million funding round.
This financing round was led by Accel with participation from existing investors Norwest Venture Partners and Avataar Ventures.
This latest investment brings Amagi's valuation to more than $1 billion, boosting it into the ranks of “unicorns” valued at more than $1 billion, Amagi reported.
The company offers creation, distribution, and monetization of live, linear, and on-demand channels across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST) platforms, worldwide.
"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 and co-founder, Amagi. "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."
This funding will enable the company to accelerate business expansion, both in terms of Amagi's international footprint, as well as its product portfolio in the current media and entertainment (M&E) market, the company reported. Amagi will also explore allied and adjunct opportunities in the cloud and video market to deliver greater impact across the value chain, evaluating the mergers and acquisitions (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines.
The 2021 revenue growth was driven by unparalleled growth and skyrocketing consumer demand in the streaming sector and was accompanied by a 59% surge in customers onboarded in 2021.
Current customers include large media conglomerates (NBCUniversal, Paramount, A+E Networks UK & more), connected TV majors (Samsung TV Plus, Roku, VIZIO, LG Channels & more), content owners (Tastemade, USA Today, AccuWeather & more) and leading OTT/FAST players (Fubo, STIRR, Redbox, Rakuten TV & more).
The company also reported 112% YoY growth in ad impressions generated using Amagi's dynamic ad insertion platform, Amagi Thunderstorm.
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George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.