Amagi Acquires Argoid AI To Bolster Offerings For Broadcast Platforms

Media-focussed SaaS unicorn Amagi has acquired California-based AI-driven SaaS startup Argoid AI for an undisclosed sum. 

In a statement, Amagi said that the acquisition will help it strengthen its content planning, distribution and monetisation offerings. It will also allow Amagi to deepen its AI-powered content programming, metadata enrichment and recommendation engine services. 

The SaaS unicorn plans to leverage Argoid AI’s advanced algorithms to boost its product suite Amagi NOW and CLOUDPORT. 

Founded in 2019 by Gokul Muralidharan, Soundararajan Velu, and Chackaravarthy E, Argoid helps media businesses provide personalised experiences to their users by offering a real time AI-driven recommendation system for movies and TV shows. 

Argoid AI’s cofounders will join Amagi after the acquisition. 

“With this acquisition, Amagi will integrate Argoid’s AI components into its award-winning cloud solutions, significantly enhancing value for our customers. The combined tech expertise of both companies will address key challenges in the streaming industry,” said Amagi CEO and cofounder Baskar Subramanian.

Founded in 2008 by Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a full stack cloud suite for clients to create, distribute and monetise content globally. It also offers broadcast and targeted advertising solutions for broadcast and streaming TV platforms.

It claims to support over 800 content brands, 800 playout chains and 5,000 channel deliveries via its platforms in over 150 countries. Amagi has a presence across continents, including cities such as New York, Los Angeles, Toronto, Mexico City, London, Paris, Sydney, Seoul and Singapore. 

As per its last disclosed financial report for the fiscal year 2022-23 (FY23), the startup narrowed its net loss by 70% to INR 321.2 Cr in FY23 from INR 1,078.5 Cr in the previous fiscal year. Revenue from operations grew 58% to INR 680.6 Cr during the year under review from INR 431 Cr in FY22.

Amagi entered the unicorn club in March 2022 when it secured an investment of $95 Mn from Accel, Norwest Venture Partners and Avataar Ventures. Later in the year, it picked up additional funding of $79 Mn and $100 Mn, taking its valuation to $1.4 Bn.