Mobile email provider Visto, a competitor to Research In Motionâ€™s BlackBerry email service, said Wednesday it has raised $70 million from investors to speed its expansion into Asia and Europe and further develop its email delivery products. The company, which makes software systems that can deliver email directly to any devices set up to access wireless serviceâ€”including cell phones, personal digital assistants, or other devicesâ€”raised more than double its initial goal for the financing round. The money will also be used to boost sales and marketing assistance to wireless carriers that employ its products.
Visto still has room to take in another $22.5 million in investments before the round closes, according to the company. Including this round, Visto has garnered $229 million in funding since it was founded in 1996, said Chief Financial Officer Stephen Anderson.
â€œThis financing level clearly demonstrates a tremendous vote of confidence in our strategy, technology, execution, intellectual property, and team,â€ said Visto CEO Brian Bogosian. â€œOur 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.â€
Redwood City, California-based Visto offers its service through mobile operators, including Cingular, TELUS Mobility, KPN, Manitoba Telecom Services, Nextel Communications, Rogers Wireless, and Vodafone Global. The service operates in the United States, Canada, Germany, Italy, Spain, and elsewhere.