Panopto Takes $42.8M in Funding Round, Will Simplify Software
It's a big day for education and enterprise video platform company Panopto, which announced that it has taken in $42.8 million in funding. Sterling Partners led what Panopto calls a minority growth round. Existing angel investors, management, and a senior credit facility underwritten by Square 1 Bank also took part.
Panopto plans to use some of the money to refine its offerings and make them easier. Video capture systems still present a hurdle to some employees, who find them challenging. Eric Burns, Panopto's CEO, wants to change that.
"We've just scratched the surface of what's possible in terms of simplifying video capture, publishing, and streaming workflows. For example, there are still too many manual tasks involved in capturing and sharing synchronous video from online meetings and video conferences," Burns says. "It's still too difficult to produce live-streamed events that incorporate multiple video feeds and geographically-distributed presenters.
"The easier we make it for any employee to capture valuable information in the form of video and share it with co-workers, the greater the value of their organization's video library. Identifying areas of friction in video workflows and streamlining them is something we've always been focused on, and it'll continue be an area of investment for us in the years ahead."
Panotpo notes that it has over 2 million videos in its cloud-based video platform, and customers stream over 100 years of video from Panopto Cloud each month. It counts New York Life, GE Healthcare Digital, Yale University, Brown University, and the Wharton School of Business as clients.
Educators can now charge for their online video lessons, thanks to a partnership between Panopto and InPlayer.
Upgrades to the enterprise platform make it easier to reach viewers around the globe and send multiple streams without the need for live switching.
By combining Panopto's video platform and Ramp's enterprise CDN, the two offer unicast and multicast solutions for large organizations.
Eschewing top-down administrator management, Panopto adopts a more modern user-centric model that provides quick access to relevant videos.
Aiming to reduce the need for AV department support, Panopto give presenters the ability to preview and start recordings from their phones.
Usage-based pricing punishes companies that record and stream high-resolution video, says Panopto, and also makes budget planning difficult.