Bitmovin has raised $30 million in funding to support expansion, bringing the total investment in the online video technology company to $43 million. In less than five years ago it has evolved from a PhD research project to become a leading player in the online video business.

The latest funding round was led by Highland Europe, with participation from existing investors Atomico, Constantia New Business, Dawn Capital and YCombinator.

Bitmovin was founded in 2013 by Stefan Lederer, Christopher Müller and Christian Timmerer, who co-founded the MPEG-DASH video standard, and produced world’s first commercial HTML5 MPEG-DASH player.

Recent innovations include being the first to support the royalty-free AV1 video compression standard backed by Apple, Facebook, Google, Microsoft and Samsung.

The company provides video encoding, player and analytics products. It counts Sling, Periscope, The New York Times, ProSiebenSat.1, Red Bull Media House, and FuboTV among its customers.

“In our view, every internet company is going to be a video company in the future which is a huge opportunity for Bitmovin to be an integral part of the internet infrastructure,” said Stefan Lederer, the co-founder and chief executive of Bitmovin.