Targeted TV Advertising Service Amagi Media Raised US$35Mn From Emerald Media
Targeted TV Advertising Service, Amagi Media Labs Pvt. Ltd., has raised US $35 million (about INR 237 crore) in its Series D round of funding from KKR-backed investment firm Emerald Media which focuses on investment opportunities in the media and entertainment sector across Asia and existing investor PremjiInvest, the investment arm of Wipro Ltd chairman Azim Premji.
Existing investors Mayfield India and Nadathur Holdings also participated in this round and will remain invested, informed company.
PremjiInvest is also participating in the combination of primary and secondary US$35 million Series D round. Prior to this round, Amagi has raised US$25 million from Premji Invest, Mayfield India and Nadathur Holdings.
Bangalore-based Amagi Media provides cloud-based managed broadcast services and targeted advertising platforms to customers worldwide. Its patented technologies allow advertisers to target audiences at a regional and individual level across traditional TV and over-the-top multiscreen platforms. Simply put, if viewers in Mumbai and Delhi are watching the same TV channel, they will still see different ads.
Targeted TV Advertising Service Amagi was founded in 2008 by Srinivasan KA, along with Subramanian and Srividhya Srinivasan in Bangalore, India and has offices in New York City, London and Hong Kong as well, and claims to have more than 3,000 brands in its ad network. Prior to Amagi, they had also co-founded technology company Impulsesoft Pvt. Ltd, a Bluetooth audio solutions provider.
Baskar Subramanian, co-founder of Amagi, told ET that the company will use the growth capital from this round of funding to expand its targeted advertising platforms globally, enter new international markets for its cloud-based managed broadcast services and introduce a host of products to cater to the various needs of TV broadcasters and OTT (over-the-top) networks.
Emerald Media has a corpus of $300 million from KKR Asian Fund II. It has recently invested US $50 million in YuppTV , an OTT video platforms for South Asian content.