Blackmagic RAW appears to be both a new codec (compressor-decompressor) and a new file "wrapper" (a file organizational configuration), which does some preliminary RAW interpretation in-camera (demosaicing and noise-reduction, if I understand correctly), and then the option of either lossless or compressed files in the same wrapper (which also includes videocamera metadata).
Best of all, it appears to be included in a free firmware upgrade for URSA Mini Pro cameras. (CinemaDNG is still available for older workflow environments.)
The incredible quality and speed of Blackmagic RAW makes it ideal for virtually any type of production. The pristine camera native quality of Blackmagic RAW Q0 or 3:1 is perfect for effects heavy feature film and commercial work, where you need the highest possible quality. Blackmagic RAW Q5 and 5:1 are extremely high quality making them great for episodic television and independent films. Blackmagic RAW quality is so high, you can even use 8:1 and 12:1 settings for incredibly small files that are suitable for all kinds of uses such as broadcast news, live sport events, digital signage, A/V, corporate video, weddings and more!
Blackmagic Design CEO Grant Petty
Introducing Blackmagic RAW