TMCnet News
Panopto Secures $42.8 Million in Funding to Accelerate Growth and Video Platform InnovationSEATTLE, Aug. 24, 2016 /PRNewswire/ -- Panopto, a leading provider of enterprise and education video solutions, announced today that it has secured $42.8 million in funding to continue its business expansion and technology leadership in video content management, recording, and live streaming. The minority growth round was led by Sterling Partners, in conjunction with existing investors, management and a senior credit facility underwritten by Square 1 Bank. Signal Hill served as exclusive financial advisor to Panopto for this transaction. Founded in 2007, Panopto pioneered the categories of lecture capture and enterprise video content management. Today, the company offers a comprehensive video platform that enables a diverse set of organizations to capture and manage all of their video assets. The platform includes:
Since its founding, the company has amassed more than two million videos in its cloud-based video platform, making it the largest repository of expert learning videos in the world. Each month, customers stream more than 100 years of video from Panopto Cloud, which has experienced 20% compound quartely growth since 2012. For two years running, the company has been recognized by Gartner as a "Leader" in enterprise video content management and has been ranked as one of the fastest growing companies on Deloitte's Fast 500 list. Current clients include New York Life, GE Healthcare Digital, Yale University, Brown University, and the Wharton School of Business. Panopto's dramatic growth reflects surging demand for video in the workplace and higher education. This demand has also been demonstrated by a flurry of market activity in the last 12 months. During this period, the video content management market has seen the acquisitions of UStream and ClearLeap by IBM, Microsoft's entry into the space with Microsoft Stream, and an influx of funding with a recent eight-figure investment round announced by Kaltura. "Over the past nine years, we've had the privilege of helping millions of students and employees improve themselves and their organizations through video-based learning," said Eric Burns, co-founder and CEO of Panopto. "With Sterling Partners, we've found the ideal investor to help us bring this enabling technology to more businesses and universities around the world. Sterling's portfolio breadth, unique experience across enterprise and education technologies, and deep networks will propel us to the next level of growth and market presence." Sterling Partners' Managing Director Jason Rosenberg commented that "within five years, video will be the dominant form of online communication. As demand for this technology continues to accelerate, Panopto is leading the industry in product innovation and organizational capability. With its explosive growth in the enterprise, its dominant position in higher education, and its significant technological advantages over its competitors, Panopto is set to emerge as the leader in this multibillion-dollar market. We're thrilled to partner with Eric and his team as they continue to scale." About Panopto About Sterling Partners To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/panopto-secures-428-million-in-funding-to-accelerate-growth-and-video-platform-innovation-300317521.html SOURCE Panopto |