Bangalore: Mayfield, a Silicon Valley based Venture Capital firm has invested in Bangalore based incubator, AngelPrime. The investment will be used as seed capital for the companies that AngelPrime plans to incubate over the next 3 years and to fund its operations.

AngelPrime's founding partners are Bala Parthasarathy, Shripati Acharya and Sanjay Swamy. Its model is similar to that of U.S. based incubators, but at a smaller scale. Partners work closely with entrepreneurs providing hands-on mentoring and seed capital of approximately Rs 1-3 crores, and a co-working facility in Bangalore. The AngelPrime team has actively incubated 3 companies in the past two years including ZipDial, Ezetap and Unamia.

Mayfield currently invests in India through a dedicated $111 million fund for early stage revenue generating companies. In July, it announced Mayfield XIV, a $365 million fund which takes the total fund under management to more that $3 billion.

Earlier this year, AngelPrime launched Ezetap, a made-in-India mobile Point-of-Sale solution that allows any merchant or agent to capture credit or debit card payments in the field using their mobile handset or tablet.