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Amagi Media Labs, an advertising network, has raised its next round of investment from Premji Invest, the family office of Wipro’s chairman, Azim Premji and a continuing investment from Mayfield Fund. However, the quantum of investments was not disclosed.
The investment represents a significant milestone for a company that has witnessed impressive growth over the past few years, the company said in a statement.
“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. This investment also reconfirms Mayfield Fund’s continuing confidence in our execution and growth,” said Baskar Subramanian, co-founder of Amagi Media.
Initially incubated in NSRCEL at IIM-Bangalore, Amagi Media had previously raised $12 million from Nadathur Investments and Mayfield Fund.
Amagi Media runs geo-targeted ad network. 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.
Having recently opened an office in Japan, Amagi also intends to use these funds to set up local offices in UK, Singapore and the US to expand its growing client base for its broadcast technology platform.
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