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IDG, Erasmic back Perfint, health
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.
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.
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