Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus, has secured the first round of funding from Ambit Pragma, a growth capital private equity fund.
Ambit Pragma generally invests as the first institutional investor in companies and supports management teams in accelerating growth, leveraging its teams' operating experience.
PFT proposes to use the investment for intensifying development efforts of the SaaS products including CLEAR Media ERP and gaining deeper penetration and growth in strategic markets such as North America and EMEA with increased sales and marketing efforts.
PFT's flagship product CLEAR Media ERP is targeted at M&E companies who increasingly adopt technology to tap the digital consumer landscape while enhancing efficiencies and lowering total cost of ownership (TCO).
"Media ERP adoption in the global M&E industry has been growing steadily. With flat revenues and shrinking margins in traditional media, content enterprises especially broadcasters and studios have a tough time finding resources to invest in new monetisation opportunities. M&E companies have to completely re-think technology investments and re-jig their business model to survive in the new digital reality," says Ramki Sankaranarayanan, founder and CEO, Prime Focus Technologies. "The investment by Ambit Pragma is tremendous market validation of the business opportunity we serve and offers us growth capital to execute on our strategy for global leadership in the Media ERP space. We are delighted to have a like-minded partner in Ambit Pragma who appreciates the realities and opportunities within the M&E industry."
"PFT is a global pioneer addressing the challenges content enterprises are facing in this hyper digital market through their cutting-edge technology. The architectural road map of the product, its multiple use cases and their management's thought leadership, represent a compelling opportunity for us to make the investment," says Rajeev Agrawal, CEO, Ambit Pragma.
