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Media Cloud Tech Startup Amagi Is Unicorn After Accel Funding

·2-min read

(Bloomberg) -- Amagi, a New York-based startup that offers cloud-based broadcast and targeted-ad services to media companies, increased its valuation to more than $1 billion in a funding round led by Accel.

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The company raised $95 million to reach so-called unicorn status, with Norwest Venture Partners and Avataar Ventures among investors participating in the fundraising, it said in a statement Wednesday. The startup’s clients include NBCUniversal, CBS, USA Today and Japan’s Rakuten Group Inc.

Amagi’s technology helps media companies create, distribute and monetize streamed content. Demand for its services is rising as consumers worldwide binge on movies and TV shows, with the pandemic providing an added boost.

“A huge transformation is happening in content creation and consumption, and we’ve grown at over 100% annual rates for the last three years,” said Baskar Subramanian, Amagi’s co-founder and chief executive officer, based in Bangalore, India. “We see the growth trend continuing for the next 10 years or more.”

With the fresh funding, Amagi plans to quintuple its global marketing efforts, increase its product offerings, and make acquisitions to fuel international expansion.

Subramanian and two of his engineering school classmates founded Amagi in 2009 and its first offering was geo-targeted TV ads for India’s broadcasters. In 2015, the founders began building a cloud-based ad platform betting on two trends -- that consumers would move to streaming services and that broadcasters would adopt its pay-as-you-go software model.

“It took longer than we expected,” Subramanian said, but now “TV sets are all connected, a new set of content creators are building richer content that’s being consumed via apps, and ad dollars have started coming in.”

Amagi’s platform connects content owners and distribution channels. Its customers increased by 59% in 2021 are now spread over 40 countries. The company supports over half a million content brands and more than 2,000 delivery channels.

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