Accel, Premji Invest and others invest over $100 mn in Amagi
Tech firm Amagi on Saturday said Accel, Avataar Ventures, Norwest Venture Partners and existing investor Premji Invest have collectively invested over $100 million (about Rs 735.2 crore) in the company.
The venture funds have bought out the stake held by Emerald Media (an investment platform backed by KKR) and Mayfield Fund, a statement said.
Nadathur Holdings continues as an existing investor in Amagi, a cloud-based SaaS (software as a service) technology for broadcast and connected TV, it added.
“The transaction heralds the coming together of best-in-class SaaS venture funds and one of the largest media SaaS companies globally to accelerate the tremendous momentum for the $50 billion cloud-based video content creation, distribution, and monetisation market,” it said.
The partnership will provide media companies the much-needed agility and efficiency to succeed in the traditional broadcast and the evolving OTT and streaming TV universe, it added.
Amagi co-founder and CEO Baskar Subramanian said the company will immensely benefit from the collective experience of Accel, Avataar, Norwest, and Premji Invest in rapidly scaling its business and expanding its global footprint.