San Francisco -- Fog City Capital, a San Francisco-based venture capital firm, said on Monday it has co-led a new $12 million round of funding for Massachusetts-based Visual IQ, a developer of marketing intelligence software. Volition Capital also co-led the round, which the company plans to use to bolster product development and drive sales growth. Founded in 2006, Visual IQ currently manages over $5 billion in media spend on behalf of its clients. The company said its products are designed to show marketers where opportunities exist for optimization and improvement. Fog City Capital made its initial investment in Visual IQ in early 2010.