Amagi raises $109 million, valued at $1.4 billion

Media technology start-up Amagi has raised $109 million at a valuation of $1.4 billion, according to media reports.

One of the investors is growth equity firm General Atlantic, which has reportedly offered $80 million in primary capital. Rest of the funding is from secondary stake sales.

The latest round of funding follows one that took place in March when the company had raised $95 million. Then, the start-up was valued at $1 Bn valuation.

Founder and chief executive of Amagi Baskar Subramanian was quoted by media reports as saying,“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. 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 has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimize results for their broadcast and streaming partners globally,” said Shantanu Rastogi, managing director and head of India at General Atlantic was quoted as saying by media reports.

Amagi will use the funding to strengthen its support infrastructure for customers. It will also deploy the capital to build AI-based personalisation models and spend more on advertising. The startup will also invest more in live streaming solutions, particularly in the FAST (free ad-supported streaming TV) ecosystem, it was reported.