Verance secures financing

Digital watermark developer Verance says it has secured $13 million in its latest round of funding. The company said leading investors included Constellation Ventures, an affiliate of Bear Stearns Asset Management, and MMC Capital, a subsidiary of MMC. Verance said that to date its total financing exceeds $40 million. The company will use the additional funds to enhance its products and services. In November, San Diego-based Verance filed a lawsuit in federal court charging its rival Digimarc with violating antitrust and unfair competition laws. Among other things, the suit alleges that Digimarc illegally submitted Verance's digital watermarking technology to a standards group.