Bengaluru-based media technology firm, Amagi Media Labs has raised an undisclosed amount in series C round from Premji Invest and Mayfield Fund. As part of the deal, Atul Gupta, principal, Premji Invest will join the company’s board of directors.
The raised funds will be utilized to expand the company’s growth plans both in India and globally. Recently, Amagi had opened an office in Japan, also plans to use the funds to set up local offices in the UK, Singapore and the US.
Amagi was founded in 2008 by KA Srinivasan, Baskar Subramanian and Srividhya Srinivasan. It is a tech and media start-up that facilitates geographic targeting of TV advertisements. It had previously secured USD 12 million from Nadathur Investments and Mayfield Fund. It uses cloud-based technologies to create a reliable and cost-effective alternative to traditional satellite TV broadcast infrastructure. Also, it offers channel origination, regionalization and Ad monetization services, platforms, and products for TV networks worldwide without having to set up new satellite feeds. The company claims to have selling over 30 million ad seconds.
Amagi Media has grown its revenue over 300 percent compared to last year. It also works with more than 2,500 advertisers including HUL, P&G, Wipro, GSK, and ITC. The firm is competing with Rediff, which acquired a local TV advertisement firm Vubites, and entered the local TV advertisement market post this acquisition.
Image source: Amagi.com