Amagi, a media-focused SaaS firm, became the 11th to reach the unicorn club this year after raising $95 million in a funding round headed by Accel. Existing investors such as Norwest Venture Partners and Avataar Ventures joined the investment round as well.
Amagi, which was founded in 2008 by Baskar Subramanian, Srinivasan KA, and Srividhya Srinivasan, offers cloud broadcast and targeted advertising solutions for broadcast and streaming TV platforms.
According to the company, it enables content owners to develop, distribute, and monetize live linear channels across free ad-supported TV and video service platforms.
In addition, the new unicorn experienced a 59 percent increase in customer base in 2021 and a 112 percent increase in ad impressions created by Amagi’s dynamic ad insertion platform – Amagi THUNDERSTORM.
Amagi raised $100 million in September from Accel, Avataar Ventures, Norwest Venture Partners, and current backer Premji Invest. As part of the agreement, the venture funds purchased shares in Emerald Media (a KKR-backed investment platform) and Mayfield Fund, allowing them to depart.