Amagi Media Labs raises funds from Premji Invest,Mayfield Fund

Media technology firm Amagi Media Labs today said it has raised funding from Premji Invest and Mayfield Fund.
The company, which has raised a total of USD 12 million previously, did not disclose the amount for the current round of funding.
The investment from the family office of Wipro Chairman, Azim Premji and a continuing investment from Mayfield Fund, represents a significant milestone for Amagi Media, the company said in a statement.
Amagi Media runs the country's largest geo-targeted ad network. More than 30 of the country's top 50 advertisers work with Amagi's platform to target their ads to specific markets.

The funds raised from this round will be used to bolster the company's growth plans both in India and globally.
"In India, the funds will be primarily used for expanding its geo-targeting network including addition of new channels to its bouquet," Amagi Media said.

The company, which recently opened an office in Japan, also plans to use the funds to set up local offices in the UK, Singapore and the US to expand its growing client base for its broadcast technology platform.
"At this stage in our development, it is critical that we get the right investors on board whose vision matches ours and in this respect we are extremely pleased to have Premji Invest associate with us," Amagi Media co-founder Baskar Subramanian said.

With over 300 per cent growth in revenues from last year, Amagi has become the de facto choice for brands in their pursuit for effective advertising, he added.
Initially incubated in NSRCEL at IIM-Bangalore, Amagi Media had previously raised USD 12 million from Nadathur Investments and Mayfield Fund.
Amagi handles over a million ad seconds per month today and with its constantly expanding ad network the company works with more than 2,500 advertisers including HUL, P&G, GSK, Wipro and ITC.