IDG Ventures India invests $3 Mn in Perfint

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Chennai: IDG Ventures India, a $150 Million early-stage technology VC fund has announced an investment of $3 million in Perfint, a healthcare devices start-up.

Perfint a Chennai based firm has a product development labs in Mysore. It has been co-founded by S Nandakumar, B D Vijaya and a team of healthcare device professionals that were closely associated with building GE Healthcare's Design, Manufacturing and Sourcing hub in India.

Perfint will focus on developing Niche Healthcare Products and Solutions, that address Clinical Productivity needs globally with a special focus on emerging markets like India, China and in developed markets like the U.S. and Europe.

The company's first product called PIGA, is a Tool Positioner for Image Guided Minimally Invasive (IG-MI) procedures. Some of the clinical applications that PIGA supports are Fine needle aspiration (FNA), Biopsy and RF Ablation (RFA) of small tumors in the lung and the abdomen.

The company plans to launch PIGA in early 2008 and would be amongst the earliest positioning devices available globally, for such soft tissue procedures. PIGA is under clinical evaluation at this moment.

"IDG Ventures is very happy to be associated with the ex-GE team led by Nandakumar and B D Vijaya, more so since I have known them from my Wipro days. Given the expertise of the team and the disruptive nature of the products, Perfint is well placed to be a leader in this domain. This is the first of our many Life Sciences Engineering investments in India" said Sudhir Sethi, Chairman & Managing Director, IDG Ventures India.

"Perfint works closely with healthcare professionals to co-create niche devices that are intelligent, connected and affordable while meeting global standards in safety and reliability. Our product development professionals are passionate about creating world-class products. We will deploy the funds raised from IDG to accelerate our new product programs. We will start with emerging markets and look at entering the U.S. markets in 2009. Our investors' global network will be of great help as we build world-class clinical and technology advisory panels," said S. Nandakumar, Co-founder and CEO of Perfint.

Sudhir Sethi and Ranjith Menon of IDG Ventures India will join the Board of Directors at Perfint.

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