RipCode Secures 2 Million in Additional Financing
RipCode, Inc. announced that it has raised an additional $2 million in series B financing, bringing the total round to $12.5 million. The additional funding was provided by RipCode's original investors: Hunt Ventures, Vesbridge Partners, El Dorado Ventures and ATA Ventures. Since the company's official launch, RipCode has received tremendous interest in its appliance-based video transcoding technology, announcing MySpaceTV as its first trial customer and partnership agreements with Adobe and On2 Technologies. The additional $2 million investment will be used to accelerate development efforts for specific customer opportunities.
RipCode's patent-pending transcoding appliance significantly accelerates the process of re-purposing Internet and mobile video across a variety of media. This consolidated, high concurrency processing enables RipCode to lower the physical barriers now restricting content from being viewed on multiple viewing mediums, replace less efficient and more expensive general purpose process transcode servers, and reduce an operator's overall hardware, storage, and energy use.
"We felt the market was ready for a new approach to transcoding. Even before our official launch, we had gathered interest from a number of companies including content syndicators, user generated video sites, and broadcasters," said RipCode CEO Brendon Mills. "Our initial success has validated that opinion. The addition to our series B funding will help us more quickly address customer requirements and keep pace with market dynamics."
IDC estimates that over 500,000 videos are currently uploaded to the Internet every day. And, by 2011, nearly 7,800 terabytes of video a day will be streamed or downloaded from online video services.
"RipCode has engineered a unique solution to an enormous unmet need within the video transcoding market. We're excited to be a part of their early success, and our ongoing financial commitment underscores our belief in their future success as well," said Jeff Williams, Managing Director with Hunt Ventures.
