DivX was created to make it more efficient to store and distribute video through the internet. We invested in DivX in their first round of financing in 2000. Our thesis was that the inevitable increase in bandwidth on the internet would make online video a large and fast growing emerging market. Jordan Greenhall, having lived through the growth of audio technologies while at mp3.com, joined forces with Jerome “Gej” Rota, who had started to build a tool for encoding video more efficiently, and with a select team of other co-founders started DivX. By giving video tools away to the consumers for free, the company built a huge consumer following, which was the leverage for licensing the technology to device manufacturers for playing the video that consumers created. During the difficult downturn in the tech market in its early years we actually chose to aggressively increase our investment and ownership because we believed in the company prospects and its leadership. The company held its IPO in 2006 and has by now built a leading global video standard for storing, sharing and distributing video online, with 300 million consumer users, deals with all the top global device manufacturers and most major Hollywood studios.