Press Releases
RipCode Secures $2 Million in Additional Financing; Increases Second Round Funding Total to $12.5 Million
DALLAS, Texas (November 15, 2007) – RipCode, Inc. today 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.
About Hunt Ventures
Hunt Ventures, LP is a venture capital firm focused on investing in early-stage technology companies. Hunt Ventures’ initial investment amounts typically range from $500,000 to $4 million with additional capital available to support future expansion. Hunt Ventures has offices in Dallas and Austin and invests on a national basis with a particular focus on the Texas region. Hunt Ventures has invested across multiple industry sectors including software, communications, and semiconductors. Beyond its capital investment, Hunt Ventures actively works with entrepreneurs to build great companies that address unmet needs in the marketplace. Hunt Ventures is part of the group of privately held companies that are wholly owned subsidiaries of Hunt Consolidated, Inc. ("HCI"). For more information please visit www.huntventures.com.
About Vesbridge Partners
Vesbridge Partners thrives on helping early-stage, leading-edge networking and IT infrastructure companies bring their software and service platforms to enterprise and carrier markets. Vesbridge Partners, headquartered in Boston, Mass., has a long history as part of St. Paul Venture Capital (SPVC), a well established early-stage venture capital firm with a strong track record over the past 15 years of helping finance some of the industry’s most successful technology companies. Additional information can be found at the firm's website at www.vesbridge.com.
About El Dorado Ventures
El Dorado Ventures (EDV) is a leading entrepreneur-focused, early-stage venture capital firm with a 20-year history of success. Entrepreneurs see EDV as a trusted investment partner who shares their vision and helps them succeed by providing ongoing strategic guidance and access to a wealth of industry contacts. With $750 million in capital under management, the firm invests across the information technology spectrum, from semiconductors and systems to communications, software and services, targeting both consumers and the enterprise. El Dorado's early-stage investments have included Cyras Systems, EarthLink, Efficient Networks, Novellus and NuSpeed Internet Systems. Numerous EDV portfolio companies have gone public or been acquired by major technology companies including Ciena, Cisco Systems, nVidia, Siemens, Texas Instruments and Yahoo. For more information, please visit www.eldorado.com.
About ATA Ventures
ATA Ventures ("a team approach") is a venture capital firm focused on seeking out early stage private companies which appear to offer above average prospects for capital growth. With over $350 Million of capital under management, ATA Ventures focuses on Information Technology (IT) and provides seed capital and early stages of financing. For more information, please visit www.ataventures.com.
About RipCode
Headquartered in Dallas, Texas, RipCode is the first company to address video transcoding as a network appliance. Designed to process multiple concurrent, parallel transcode paths, RipCode significantly accelerates the re-purposing of mobile TV, social networking video and studio-based productions. This consolidated, high concurrency processing enables RipCode to lower the physical barriers now restricting content from being viewed on multiple viewing mediums, supplant existing servers and reduce overall hardware, storage, and energy usage. RipCode products support file-to-file, stream-to-stream and an innovative on-demand transcoding℠ for optimal flexibility in mobile and user generated content applications. Founded in 2005, RipCode is privately held and backed by leading venture capital firms including Hunt Ventures, Vesbridge Partners, El Dorado Ventures and ATA Ventures. For more information, visit www.ripcode.com.
