REDWOOD CITY, Calif.-Visto Corp. hopes a whopping $70 million financing round can propel it to the forefront of the white-hot wireless e-mail space.
The developer added to its already-fat wallet with the latest round, which was led by DFJ ePlanet Ventures. Current investors Draper Fisher Jurvetson, Oak Investment Partners, Meritech Capital Partners, VantagePoint and Allegis Capital also participated.
Visto, which boasts relationships with United Kingdom-based Vodafone Group plc, Sprint Nextel Corp. and Canada-based Rogers Wireless Inc., is one of a half-dozen companies vying to gain market share in mobile push e-mail space. Research In Motion Ltd. dominates the field, which also includes Critical Path, Extended Systems Inc., Good Technology Inc., Intellisync Corp., Nokia Corp., Seven Networks Inc. and others
Visto closed a $65 million financing round last year.
“Our original goal was to raise $30 million, but given investor interest, the potential size of the market and the ultimate prize of winning in this space, we were compelled to increase the size of the round,” said Brian Bogosian, Visto’s chief executive officer. “When the dust has settled in this market, Visto will emerge as the leader as we continue to innovate with the world’s best mobile push e-mail technology.
