RipCode gets $12.5M in funding

RipCode, a Dallas-based video transcoding company, announced the closing of $12.5 million in Series C funding. The company plans to use the inflow for a worldwide marketing push for its video delivery technology. Granite Ventures led the round, which also included funding from previous investors Hunt Ventures, El Dorado Ventures, Vesbridge Partners and ATA Ventures. Eric Zimits of Granite Ventures will join the RipCode board of directors as part of the funding arrangement.

RipCode's video processing and distribution platform has seen wide-scale deployment across platforms, and it is being used in MySpace's global mobile streaming video initiative. Its digital signal processing technology enables accelerated video conversion for multiple formats.

"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," RipCode CEO Brendon Mills said in a prepared statement. "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."

RipCode sees a gleaming market opportunity for its mobile video transcoding services, as the release cites forecasted growth in the mobile video services market from $180 million in 2006 to $10.2 billion in 2012. If the prediction holds and RipCode can get even a sliver of the market, the investment could pay off big time for the venture companies that are doling out this latest round. 

For more:
- see the RipCode release here 

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