Media Startup & SaaS Unicorn Amagi Buys Argoid AI, Will Help In Expanding Broadcast Platforms

Amagi Datalabs, a media-focused SaaS unicorn, has acquired Argoid AI, an AI-driven SaaS business based in California, for an undisclosed sum.

Argoid, founded in 2019 by Gokul Muralidharan, Soundararajan Velu, and Chackaravarthy E, enables media companies to create personalized experiences to their users by providing a real-time AI-driven recommendation system for movies and TV series.

Amagi stated that the acquisition will help it improve its content planning, distribution, and monetization options. It will also enable Amagi to expand its AI-powered content programming, metadata enrichment, and recommendation engine offerings.

Argoid AI’s cofounders will join Amagi following the acquisition.

Related: Mobile Gaming Startup Nazara Technologies to Buy UK’s Fusebox Games

Amagi, founded in 2008 by Subramanian, Srinivasan KA, and Srividhya Srinivasan, provides clients with a full stack cloud suite for content creation, distribution, and monetization on a worldwide scale. It also provides broadcast and targeted advertising solutions for broadcast and streaming television channels.

The SaaS unicorn intends to use Argoid AI’s powerful algorithms to improve its product suite Amagi NOW and CLOUDPORT.

“With this acquisition, Amagi will include Argoid’s AI components into its award-winning cloud products, greatly increasing value for clients. “The combined technical expertise of both companies will address key challenges in the streaming industry,” stated Amagi CEO and cofounder Baskar Subramanian.

It claims to support over 800 content brands, 800 playout chains, and 5,000 channel deliveries across its platforms in more than 150 countries. Amagi has a global presence, with locations in New York, Los Angeles, Toronto, Mexico City, London, Paris, Sydney, Seoul, and Singapore.

According to its most recent financial report for fiscal year 2022-23 (FY23), the company reduced its net loss by 70% to INR 321.2 crore in FY23, down from INR 1,078.5 crore the previous year. Revenue from operations increased by 58% to INR 680.6 crore in the fiscal year under review, up from INR 431 crore in FY22.

Amagi joined the unicorn club in March 2022 when it received a $95 million investment from Accel, Norwest Venture Partners, and Avataar Ventures. Later in the year, it received additional finance of $79 million and $100 million, raising its worth to $1.4 billion.