Private equity firm KKR-backed investment platform, Emerald Media, has led $35 Mn in Series D round of funding in cloud-based geo-targetted ad firm, Amagi Media Labs. Premji Invest, the investment handle of existing investor, Azim Premji also participated in the round.
Post the investment, Emerald Media will hold a minority stake in Amagi. Early backers Mayfield India and Nadathur Holdings will remain invested in the Bengaluru- headquartered media technology startup.
The company will use the raised funds to enhance its R&D efforts around geo-targeted advertising. Presently, Amagi has 3,000 advertisers on board and competes with the likes of Star Network’s Star Adsharp.
Founded in 2008 by Baskar Subramanian, Srinivasan KA, and Srividhya Srinivasan, Amagi is a media technology company that provides cloud-based managed broadcast services and targetted advertising platforms to customers, worldwide. Amagi enables TV networks to create a complete broadcast workflow on the cloud and deliver content over satellite, cable, IPTV or OTT (Over-The-Top) platforms.
The company offers channel origination, regionalisation and Ad monetisation services, platforms, and products for TV networks worldwide without having to set up new satellite feeds.
Baskar Subramanian, co-founder, Amagi, said, “Emerald Media, has a strong understanding of the TV Broadcast industry and the OTT space and we are very happy to partner with them. Their domain expertise and regional and global media relationships will help us further leverage the transition of the TV broadcasting industry to the cloud and expand our international footprint.”
Amagi enables advertisers to target audiences at a regional level across traditional TV and OTT multiscreen platforms.
Commenting on the investment, Rajesh Kamat, Managing Director, Emerald Media said, “Amagi has harnessed the transformative power of technology (both hardware and software) to change the way TV networks and brands perceive content delivery and monetisation. Their cutting-edge technology is disruptive and the need of the hour.”
Amagi Media had previously raised $12 Mn from Nadathur Investments and Mayfield Fund, in February 2014. Following that, in January 2015, it raised an undisclosed amount in funding from Premji Invest and Mayfield Fund.