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Jerusalem Global Ventures Increases Investment in VideoCodes Jerusalem, Israel - July 14, 2004: Jerusalem Global Ventures invested an additional $0.5 million in VideoCodes (www.video-codes.com) following the company's success in closing deals in recent months. VideoCodes succeeded in signing 3 deals over the last 3 months with customers from multiple market segments (VoDSL, Cable & Terrestrial). Four months ago Jerusalem Global Ventures led a $2 million Series A financing of VideoCodes. VideoCodes provides code domain processing (CDP) software for digital video infrastructure vendors. VideoCodes was founded in 2003 and is headquartered in Maryland, USA. 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. 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: "In light of VideoCode's success in closing 3 major agreements this year and the mounting demand for VideoCodes technology by equipment vendors and service providers, VideoCodes has agreed to increase the size of the Series A round, which we funded, by $500K. These proceeds 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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