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Jerusalem Global Ventures Leads $2 Million Financing of VideoCodes Jerusalem, Israel - March 24, 2004: Jerusalem Global Ventures has led a $2 million Series A financing of VideoCodes (www.video-codes.com). VideoCodes provides code domain processing (CDP) software for digital video infrastructure vendors. VideoCodes was founded in 2003 and is headquartered in Maryland, USA. Following the investment, Dr Shlomo Kalish, Chairman and Founding Partner of Jerusalem Global Ventures and Dr. Yoseph Linde, General Partner in the fund will join the Company's Board of Directors. VideoCodes specializes in software-based CDP of MPEG-2 SD (standard definition) and HD (High Definition) video streams without the need to decode and then re-encoding of the signal. VideoCodes' technology enables dynamic video rate shaping for satellite communications, cable and DSL channels and allows objects such as logos, newsbars, adverts, etc to be added to the compressed video channels. This technology supports SDTV broadcasts as well as the emerging HDTV broadcasts and as future coding schemes such as MPEG4, which are expected to gradually replace the existing standards over the next few years. VideoCodes' licenses its software to equipment vendors who sell to MSO and service providers, for applications such as Video on Demand, Video over DSL and Terrestrial equipment vendors, etc. Customers will be able to develop different solutions for their end customers while shortening development time and cutting costs. VideoCodes will exhibit at the National Association of Broadcasters show, the world's largest video show, in Las Vegas in April 2004. The Company was founded by Avi Rubinstein, Uri Bendelac and Yossi Korakin. Avi Rubinstein, CEO and President of VideoCodes, previously served as General Manager of ECtel US and SVP Marketing and Business Development of ECtel (NASDAQ: ECTX). Mr. Rubinstein was involved in the company's IPO in 1999. VideoCodes' CTO, Uri Bendelac, is an expert in the field of digital video technology. Mr. Bendelac previously served as CTO at Terayon Israel and VP R&D at Combox. Yossi Korakin, VP Business Development, previously served as a Board member and VP R&D at Meicom, acquired by DSPG (NASDAQ DSPG). Mr. Korakin also held development management positions at Tadiran Communications. Dr Shlomo Kalish said: "As a result of the evolving standards in video compression and display, the production and distribution of video to home consumers is undergoing rapid change. VideoCodes offers cost effective software solutions to this industry in transition, while ensuring the flexibility needed for future upgrades. The proceeds of this financing will be used primarily to increase the Company's sales and marketing efforts and develop new products". About Jerusalem Global Ventures Jerusalem Global Ventures is an Israeli venture capital fund that invests in communications, information technology and life sciences companies, Jerusalem Global Ventures limited partners include Bank of America, HarbourVest, China Development Industrial Bank, Agilent Technologies, AOL Time Warner, Bausch & Lomb, Comverse, Conexant, Itochu Techno-Science, JDS, Uniphase, Motorola and Telecom Italia Lab. Back to Press Releases |
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