Prime Focus Technologies (PFT), the technology subsidiary of the media company, Prime Focus, has secured $20 Mn (INR 1.3 Bn) in the first round of funding from Ambit Pragma, a growth capital private equity fund.
The funding will be used to intensify the development of SaaS products including CLEAR Media ERP (Enterprise Resource Planning). It will also be used for research into markets such as North America, Europe, and Middle East and for marketing and sales operations.
Founded in 2008, Prime Focus Technologies offers solutions that help virtualise the content supply chain and digitally mediate enterprise workflows to manage the content.
Ramki Sankaranarayanan, founder and CEO, Prime Focus Technologies, said, “Media ERP adoption in the global M&E industry has been growing steadily. With flat revenues and shrinking margins in traditional media, content enterprises especially broadcasters and studios have a tough time finding resources to invest in new monetisation opportunities. M&E companies have to completely rethink technology investments and re-jig their business model to survive in the new digital reality.”
CLEAR is a cloud-based media ERP Suite that virtualises the content supply chain and builds a connected enterprise for M&E companies.
“The investment by Ambit Pragma is tremendous market validation of the business opportunity we serve and offers us growth capital to execute on our strategy for global leadership in the Media ERP space. We are delighted to have a like-minded partner in Ambit Pragma who appreciates the realities and opportunities within the M&E industry,” he added.
PFT’s flagship product CLEAR Media ERP is targetted at media and entertainment companies companies, which use technology to tap the digital user and lower the Total Cost of Ownership (TCO). It helps drive creative enablement, enhance ecosystem efficiencies and sustainability.
Rajeev Agrawal, CEO, Ambit Pragma, said, “PFT is a global pioneer addressing the challenges content enterprises are facing in this hyper digital market through their cutting-edge technology. The architectural road map of the product, its multiple use cases and their management’s thought leadership, represent a compelling opportunity for us to make the investment.”
According to its website, Ambit Prigma, a PE fund, generally invests in companies that focus upon the Indian markets and those which are not listed on the stock markets. The companies should also clock revenues upwards of INR 30 Cr.
According to an official statement, PFT works with more than 300 clients in India and is the technology partner for more than 100 clients globally including broadcasters, studios, brands, sports and digital organisations.
CLEAR Media ERP’s clients include Star India, Hotstar, Miramax, Disney, Warner Bros., CBS Television Studios, 20th Century Fox Television Studios, FX Networks, HBO,, Sony Music, Voot, Hearst Television, BCCI, Indian Premier League and The Associated Press among others.
Of late, Indian media has seen a boom in the digital content niche. In July, Rainmaker Ventures invested over $5 Mn in digital content service provider, YAAP. In August, Mini Menon and Alok Nair announced a strategic partnership by launching Indy Network, a technology-driven multimedia platform targetting the average Indian user.