DSP technology product firm Ittiam Systems on Thursday announced a tie-up with US-based DivX Networks to develop solutions to enhance performance of electronic products including video players.
Both the companies will jointly develop software that would be embedded with chips from Texas Instruments and offered to OEMs (original equipment manufacturers) manufacturing digital cameras and digital video cameras, Ittiam Systems chairman and CEO Srini Rajam told reporters in Bangalore.
The two-year old Ittiam, founded by Rajam, who headed Texas Instruments has its video products licensed by customers across Europe, Asia and North America.
DivX Networks focuses on consumer applications with DivX video, which offers DVD-quality images at nearly 10 times greater compression than MPEG 2 (moving picture experts group) on a desktop computer.
The partnership will leverage the expertise to develop a technology, which can compress digital images on smaller devices including camcorders, digicams, set top boxes and cell phones among others, Rajam said.
"We have already got our first OEM customer on board who manufactures digital video cameras. Both Ittiam and DivX would jointly license the technology and share the revenue," Rajam said.
Ittiam, which employs 80 engineers has raised $5 million as seed funding from Global Technology Ventures and expects to raise another $5 million this year. It has forecast revenue of $40 million by 2005.
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