January 6, 2009
RipCode Raises $12.5 Million in Additional Venture Funding
Internet and mobile video solutions innovator, RipCode raises $12.5 million in additional venture funding from several different venture capital firms. The leading firm in this venture financing is Granite Ventures along with Hunt Ventures, El Dorado Ventures, Vesbridge Ventures, and ATA Ventures, who are the company�s existing investors. Along with this additional investment, Granite Ventures� managing director, Eric Zimits joins the company�s board of directors.
RipCode is a company that deals with next-generation internet and video solutions. The company�s transcoding solution is especially designed for internet video of the 21st Century by providing a dual application infrastructure that allows for real time streaming. The company�s on-demand video transcoding application works with a powerful Web 2.0 quality workflow. RipCode is based in Dallas Texas and is privately owned. The company�s existing investors are Hunt Ventures, Vesbridge Ventures, and ATA Ventures.
This additional capital will enable RipCode to expand its marketing and sales as well as improve its product. According to RipCode�s CEO, Brendon Mills, this financing will help the company continue to have a long term strategy to develop a universal video viewing platform. Early adopters are embracing the company�s transcoding solutions for professional quality real time and live streaming of user generated video on the internet and mobile devices.
The technology of today is developing at a fast pace and RipCode is a pioneer in this market. With mobile devices of all kinds from cell phones to iPods becoming linked to the wireless internet, the need for an on-demand and universal video streaming application that streams in high quality is becoming to be more in demand by the increasingly tech savvy consumer. According to a Research and Marketing report published in 2007, the market for paid video service in the United States is expected to grow up to 10.2 billion by 2012. In December of 2008, RipCode and MySpace announced the launch of a global mobile video initiative with MySpace Mobile. MySpace uses RipCode�s on-demand video transcoding for video streaming by its users.
Granite Ventures is a new venture partner for RipCode. Granite Ventures was founded in 1992 and since then has been helping early stage technology companies build a solid foundation. The vc firm manages over $1 billion in venture capital and has invested in over 100 privately owned companies. Granite Ventures partners with entrepreneurs that show great promise and are aimed at achieving success for their companies.