I talked today with Brian Monnin, the Chief Product Officer (CPO) of Transpera. Transpera's web site does not do the clearest job of explaining what the company does, but Brian was kind enough to walk me through the business model, and explain how the company fit into the iPhone and mobile ecosystem.
Essentially, Transpera's key product is a "bridge technology" which takes an MRSS feed and encodes into a number of formats (over 100) that can be viewed on various handsets -- including the iPhone. A typical use would be a publisher such as MTV that wishes to enable mobile video viewing across a wide variety of devices. "Bridge" does that heavy lifting, and is monetized by pre-roll (and other format) video ads, where Transpera gets a rev share.
With regard to the iPhone specifically, Transpera has developed a template for studios and record labels to quickly create high-end "branding apps". In addition, Transpera is reaching out to app developers and advertisers (such as Ford, a new client), to build their mobile ad network.
Transpera was founded by Frank Barbieri, a socal internet veteran, who's previous stints included senior positions at MSNBC and InfoSpace. The company has recieved VC funding from First Round Capital, Intel Capital, and FlyBridge.