Visto surprised some with another round of financing this week. It's shouldn't have. The company has gone too far for its investors to give up on it now. Besides, in September when Visto announced a $51 million round, company CEO Brian Bogosian told The Deal that Visto was considering expanding the round to include another venture firm or strategic backer.
That new investor turned out to be Altitude Capital Partners. Founded two years ago, the firm specializes in investing in intellectual property. Visto CFO Stephen Anderson said it was that expertise that convinced the company to go with Altitude for the $35 million round, which brings the company's total fundraising to $315 million.
Anderson told The Deal's Paul Bonanos the latest cash infusion was at a higher valuation than the September round and that the money will be used to grow the company.
Part of that stategy is being pursued in the courts. After winning an IP lawsuit decision against rival Seven Networks last year, it filed patent infringement suits against Research In Motion and Good Technology. Altitude must feel good about Visto's legal chances. After all, the first two items it lists on the Investment Criteria section of its web site are:
Investment Value Relative to
* Damages (Past and Future)
* Reasonable Royalty Rates
* Resale Value
Number and Quality of Potential Infringers / Licensees
* Historical Licensing & Track Record
* Size of Infringed Market(s)
* Number of Infringers
* Defendants' Historical Litigation
* Posture and Experience
For more on Visto, see:
The Deal
Valleywag
Tags: visto, ip,vc, venture+capital
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