Seattle-based Panopto builds a video-management technology that helps in recording, streaming and searching videos. It can search titles, as well as words spoken in the videos.

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Eric Burns has just landed $42.8 million to continue a project he’s been working on since his college days in 1998.

Of course, the years in between have not been so straightforward. Burns was part of a team in the late ’90s at Carnegie Mellon University that created what would become Panopto’s video-management technology. He left for a while to work at Microsoft, then rejoined the project in 2007, when it spun into a private company.

Burns took over as CEO in 2015, and the company solidified its presence in Seattle. It is now focused on expanding its product beyond universities to all kinds of businesses.

Panopto creates technology to record, stream and easily search videos. The system can search titles as well as words spoken in videos, or words that appear on slides during videos, making it easy to find the exact spot someone wants to see.

The company raised its latest round primarily from private equity firm Sterling Partners, which took a minority stake. Existing investors also contributed, and the rest of the money came from a credit loan underwritten by Square 1 Bank.

Historically, Panopto has worked with universities to allow professors and researchers to record and store videos. It has more recently expanded to all kinds of businesses, where employees use it mainly for training and instructional videos.

Panopto counts the University of Washington, GE Healthcare and Qualcomm among its customers.

The company positions itself as an underdog in the market, and that may well be the case. Microsoft announced a competing service, Microsoft Stream, last month. The product is expected eventually to be integrated into Office 365.

IBM pushed into enterprise videothis year with its acquisition of UStream, and it created a cloud video-services division. Panopto also faces competition from other private companies in the market.

Burns isn’t that concerned. The bigger companies may have more resources, he said, but his team is more nimble.

“We have been in this space for nearly 20 years,” Burns said. “We have quite a head start in terms of our understanding and the maturity of our solution.”

Burns said he wouldn’t rule out a future acquisition by a larger player, but the latest funding round “gives us capital to operate independently for several years.”

About 50 of Panopto’s 100 employees work in Seattle’s Smith Tower.

The team plans to hire up to 30 more people in the next year.