Tuesday, January 6, 2009
RipCode Scores $12.5M
Dallas-based RipCode, which develops video transcoding hardware and products, announced today that it has raised more than $12.5M in a new funding round for the firm. According to RipCode, the new funding was led by Granite Ventures, in a deal which also included prior investors Hunt Ventures, El Dorado Ventures, Vesbrige Partners, and ATA VEntures. Granite Ventures' Eric Zimits joins the firm's board as part of the funding. RipCode said the funding will go towards expanding sales, market, and product development. RipCode's appliances are used by video providers to transcode their videos into various mobile and Internet formats in real time. The new funding round--the company's fourth--will bring the company's total raised to over $33.65M. The firm recently signed MySpace Mobile as a customer of its products.