PANOPTO, a Seattle-based video platform for business and higher education, has raised $42.8 million in a minority growth round. Sterling Partners, a Chicago-based private equity firm, led the round, which also included existing investors, management and a senior credit facility underwritten by Square 1 Bank.
Founded in 2007, Panopto lets users record video presentations, manage video files and stream video content. On the education front, the platform plugs into most major LMSs and universities use it for lecture capture and video content management. Panopto counts Yale University, the Wharton School of Business and UC Berkeley among clients that use the software to create searchable video libraries of their institutional knowledge.
Investors are taking notice of lecture capture and video content management software of late. In April, “everything video” company Kaltura raised $50 million from Goldman Sachs. Sterling made the investment in Panopto out of its Education Opportunity Fund, which it launched in partnership with USA Funds in 2015.