RipCode Raises Millions for Next-Generation Video Delivery

RipCode plans to leverage this capital infusion to expand sales, marketing and product development of its next-generation media conversion technology, which is gaining worldwide momentum for easing the delivery of quality video across all types of web distribution platforms and mobile devices. The company's patent-pending On-Demand and Real-Time Stream Transcoding appliances are designed to optimize end-user viewing experience; significantly reduce operational cost and complexity; and enable expanded monetization opportunities for content providers and network operators. As a result, RipCode is poised to capitalize on the explosive growth of the mobile video market. According to a 2007 Research and Markets report, the U.S. market for paid mobile video services is forecasted to grow from $180 million in 2006 to $10.2 billion in 2012.  The total transactional revenue opportunity for global web and mobile Internet video services across premium, short form informational, and reference content expands RipCode's opportunity even further.

According to Brendon Mills, CEO of RipCode, the funding will further the company's long-term strategy to create ubiquitous video viewing, regardless of platform or device.  "Early adopters are embracing our on-demand and live video transcoding appliances to quickly and economically reach a wider audience with professionally-generated and user-generated video," he explains. "This additional funding will support the continuing development of current and future video delivery innovations enabling our customers to provide video content to consumers of all types -- when they want it, and on whatever device they wish whether mobile, desktop, or large screen TV."

Last month, RipCode and MySpace announced the launch of a global mobile video initiative with MySpace Mobile, which relies on RipCode's on-demand video transcoding to let MySpace Mobile users view MySpace video content from many of the most popular video-enabled mobile devices. Because MySpace uses RipCode's technology to transcode video on demand, the premier lifestyle portal eliminates the need to store the extensive MySpace video library in multiple mobile formats, which saves significant hardware, energy and storage resources. The company also recently announced the availability of on-demand video transcoding for the most popular video-enabled phones, including the Apple iPhone, T-Mobile G1, RIM Blackberry Bold and Blackberry Storm.

"Granite Ventures is extremely pleased to participate in this latest funding round, which takes place as RipCode is gaining commercial traction and continuing to make significant technology strides with its leading-edge transcoding appliances," says Zimits. "This is an exciting time for RipCode as it is well positioned to lead the market with its disruptive technology and strong interest from key players across the growing digital media transcoding, streaming, and monetization ecosystem."