Visto adds another $35M in VC funding

Wireless e-mail company Visto Corp. announced it raised another $35 million in venture-capital funding, this time scoring money from Altitude Capital Partners L.L.C. The news means that Visto has now raised close to $300 million in VC financing over the course of its nine-year history, a staggering amount for a wireless startup, or a startup in any industry.
However, it’s unclear how fast Visto is burning through its cash. The privately held company does not disclose its financials.
Visto said it would use its most recently raised funds to accelerate its continued worldwide growth, extend its product portfolio, and “protect its foundational intellectual property”-a phrase likely designed to warn competitors of possible patent-infringement lawsuits. Already Visto has used its money to sue Seven Networks Inc., Research In Motion Ltd. and Microsoft Corp. for patent infringement.
“Visto has a balance sheet that is stronger than any private company in this market. We have seen rapid growth with our customers over the last year and are exceeding BlackBerry volumes within key operator markets for the first time,” said Brian Bogosian, chairman, president and CEO of Visto. “In addition to this growth, over the course of the next few months, we will announce new strategic partnerships and mobile operator agreements. As the industry’s only viable independent provider of mobile e-mail, we are fully funded to support our worldwide partners and vigorously safeguard our intellectual property.”
The company distributes its white-label solution through carriers around the world including AT&T Inc.’s Cingular Wireless L.L.C., Sprint Nextel Corp., Vodafone Group, Softbank Mobile and Telus Mobility.