Rackspace co-founder, Patrick Condon, and its CTO, John Engates, contributed to a $2 million Series B funding raise for Encoding.com led by Metamorphic Ventures. Encoding.com provides enterprises with the ability to encode videos into a number of online and mobile formats. Widely regarded as the world’s leading video encoding company, Encoding.com leverages a SaaS application hosted by Amazon Web Services and Rackspace cloud computing environments to deliver services to over 1600 customers. Encoding.com’s latest product, Instant Encoding ™, begins the encoding process as soon as the source video file is received, without waiting for the download to complete. Depending on the file size, Instant Encoding™ can complete the transformation of a video file from one format to one another in conjunction with the completion of the download. Encoding.com offers Instant Encoding™ at no extra charge to its customers, requiring just the addition of an API call to run the application. Speaking about the capital raise, Marc Michel, Managing Partner at Metamorphic Ventures, expressed delight at Encoding.com’s 500% growth rate in recurring monthly revenues in 2010 and the meteoric adoption of its Vid.ly service that creates a URL for videos. Encoding.com finalized the Series A funding raise on April 22, 2011, roughly 14 months after its $1.5 million Series A funding raise in February 2010.