DiamondBack Vision Secures $1Million in Funding

DiamondBack Vision (www.dbvision.net), a developer of MPEG-4 video encoding technology, announced the closing of an additional $1 Million Series B financing from both Mitsubishi International Corporation and Mitsubishi Capital LLC. In addition to the Mitsubishi investment, Riggs Capital Partners invested an undisclosed amount of funding.

The company has indicated that Mitsubishi International Corporation invested in DiamondBack Vision to aid in the interlocution of its encoding product, ObjectVideo, to the Asian markets. The investment will accelerate DiamondBack Vision's plans to integrate ObjectVideo into new applications such as wireless video streaming, digital video recorders, interactive video platforms and natural video gaming.

"It's clear that the Asian markets are poised to take a leading role in the future of streaming and download-and-play video, and Mitsubishi gives us a solid tie to those markets and potential industry partners,'' said Bob Douglass, founder and CEO of DiamondBack Vision in a statement. "At DiamondBack Vision, we view this as a strong endorsement of ObjectVideo's potential in the future of video technology, and we look forward to working with a company as committed to this vision as Mitsubishi.''