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SaaS unicorn Amagi acquires Argoid AI

Entrackr · 18d

Amagi, a cloud media SaaS technology firm, has announced the acquisition of Argoid AI, an AI company specializing in recommendation engines and programming automation for OTT platforms. By integrating Argoid AI’s advanced algorithms into Amagi’s existing platform, this acquisition will significantly boost the functionality of Amagi’s product suite, Amagi NOW and CLOUDPORT offerings. This will enable the media companies to make faster, smarter, and personalized content scheduling decisions at scale. With the acquisition, Argoid’s founders, Gokul Muralidharan, Soundararajan Velu, and Chackaravarthy E, will join the Amagi team. Argoid AI has developed innovative AI products that enhance content recommendations and enable real-time programming decisions. According to the company, its solutions have been pivotal in increasing viewer engagement and optimizing channel operations for customers in the streaming media space. Amagi has emerged as a rare comeback story in the B2B SaaS space. The company pivoted in 2018 from providing advertising solutions for local businesses on television channels to a SaaS-based monetization platform for TV networks and content owners. Amagi achieved unicorn status after securing $95 million in a new funding round led by existing investor Accel in March 2022 along with an additional $110 million in November. According to media reports, it was in discussions to raise $250 million in a forthcoming round. According to data intelligence platform, TheKredible, Amagi’s revenue from operations spiked to Rs 879.15 crore during the last fiscal year from Rs 680 crore in FY23.