RipCode Inc. announced that it has raised $10.5 million in second-round venture capital financing. The money raised will be used to expand sales, marketing and development efforts for its appliance-based video transcoding solution. ATA Ventures led the series B financing with participation from Hunt Ventures, Vesbridge Partners and El Dorado Ventures. RipCode closed a $7 million, series A financing round in August 2006.
RipCode's patent-pending transcoding appliance processes multiple video files simultaneously for viewing across a variety of media including PCs, mobile phones and iPods. This processing enables broadcasters, content syndicators, and user generated video sites to reduce hardware, storage, and energy use while offering customers a greater variety of content choices.