RipCode Transcodes Video into Cash: $12.5M

Video transcoding leader RipCode has raised $12.5 million in funding in a round led by Granite Ventures and including existing investors Hunt Ventures, El Dorado Ventures, Vesbridge Partners and ATA Ventures.

Dallas-based RipCode sells video transcoding appliances, as well as services around them, for both video on demand and streaming. Every video site needs transcoding, because raw videos arrive in all sorts of formats and need to be converted into all sorts of other formats to be viewed online and on different devices.

RipCode had previously raised a $10.5 million second round of funding in August 2007. It said in a release it would use the newest round of funding for sales, marketing and product development.

The company recently scored a deal to power MySpace’s mobile video. It faces new competition from the likes of Encoding.com, which offers on-demand pay-as-you-go encoding.

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