Visible Assets just boosted its visibility. The tracking-technology company just added Richard A. Clarke to its board of directors and is seeking as much as $20 million from VC backers, which would bring its aggregate cash raised to nearly $50 million.
Today, Visible Assets announced Clarke would join its board. The addition of the former senior White House homeland security and counter-terrorism advisor and chairman and CEO of Good Harbor Consulting may help the New Hampshire-based real-time security tracking device company procure more federal contracts.
But Visible Assets’ tracking products — specifically, its RuBee wireless device — have applications beyond the military, such as protecting oil and gas companies’ drilling operations, says John K. Stevens, chairman and CEO of the company.
Already, Stevens said, Visible Assets has reeled in about $27 million over a number of rounds from investors including Commonwealth Capital, Inflexion Partners and Firesteed Capital, as well as individual contributors. Soon, he said, Visible Assets will set out to raise a round of about $20 million.
The company, which Stevens said became profitable in the first quarter of 2010, is targeting breakeven for its 2011 projections and will spend a portion of its next round seeking attractive opportunities in Europe, Stevens says. He noted that he has his eye on a possible acquisition target.