Vringo Procures $3.35 Million in Funding

Dec 05, 2011

Vringo, Inc., a provider of software platforms for mobile social and mobile video services, completed a $3.35 million round of bridge financing with venture capital firms Benchmark Capital and DAG Ventures.

The deal consists of $850,000 in gross proceeds from over 817,300 shares of common stock, and the conversion into common stock of $2.5 million in convertible notes. The net proceeds will reportedly be used for sales and marketing expansion, working capital, and "general corporate purposes."

With its video ringtone application and other mobile software platforms, Vringo transforms mobile phone calls into highly visual and social experiences: Users can create or take video, pictures, and slideshows and turn them into a visual call signature.