From the press release:
IDG Ventures India, a $150 Million early-stage technology venture capital fund has announced an investment of $3 million in Perfint, a healthcare devices start-up.
Perfint is headquartered in Chennai with its product development labs in Mysore. It has been co-founded by Mr. S Nandakumar, Mr. 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 , amongst others and subsequently developed markets like USA, Europe etc. Their first product called PIGA, is a Tool Positioner for Image Guided Minimally Invasive (IG-MI) procedures. Some of the clinical applications that PIGA supports would be, Fine needle aspiration (FN A), Biopsy and RF Ablation (RFA) of small tumors in the lung and the abdomen. PIGA, to be launched in India in early '08, 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 Mr. Nandakumar and Mr. 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 Mr. Sudhir Sethi, Chairman & Managing Director, IDG Ventures India.
Image guided interventions can be broadly categorized as IG (Image Guided) diagnosis (like biopsy), IG therapy (like radiation) and IG Surgery. The global market for minimally invasive image-guided interventions is currently over $3 billion, though, for example, currently only less than 15% of all surgeries are performed using IG-MI approach.
"With increasing healthcare awareness and ever improving hospital infrastructure across the world, guided procedures for early stage cancer diagnosis, drug delivery etc, are estimated to grow from under 10-15% of total procedures done today to about 50-60% by 2010. That presents a huge opportunity for devices such as PIGA" added Mr. Sudhir Sethi.
"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 US markets in 2009. Our investors' global network will be of great help as we build world-class clinical and technology advisory panels" said Mr. S. Nandakumar, co-founder and CEO of Perfint.
Mr. Sudhir Sethi and Mr. Ranjith Menon of IDG Ventures India will join the Board of Directors at Perfint.