Definition(en): Phase One is a camera manufacturer and Capture One is the accompanying software. This format contains the raw image data captured by the camera's image sensor. IIQ stands for Intelligent Image Quality, a compressed version of the raw image data captured by Phase One camera equipment. IIQ has a choice of a 'Large' (lossless) or 'Small' (lossy) options. With further research it may be possible to distinguish between these outputs.