Bangalore: Early-stage venture capital firm IDG Ventures India, which invests in technology and technology-enabled companies, and Erasmic Venture Fund have invested $3.5 million (Rs13.79 crore) in Perfint, a Chennai and Mysore-based health care devices start-up.
With $3 million, IDG Ventures, led the funding and the rest came from Erasmic, an early stage $10 million fund from Bangalore.
Perfint’s first product, PIGA-CT, which is under clinical trials, will be launched in India next month. PIGA is a stand alone diagnostic tool that allows radiologists to accurately place a needle to perform soft tissue procedures, such as biopsy, based on computed tomography images. “The funding will be used for developing new products and distribution networks across the world,” says S. Nandakumar, Perfint’s co-founder and CEO.
Perfint plans to enter the US market in 2009 and has filed for five patents. IDG Ventures expects Perfint to become profitable in two years and said it may need further funding of $5-$10 million after two years. IDG has funded deals worth $26 million in 2007.
Perfint is IDG Ventures’ first life-science engineering investment in India and the venture fund’s chairman and managing director Sudhir Sethi said his firm will announce four other investment deals by March.