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January 17, 2013

Deal Alert: Perfint raises $11-M from Norwest

Chennai-based medical devices firm Perfint Healthcare has raised an $11 million fourth round of funding from existing PE investor Norwest Venture Partners (NVP). The company, which is majority owned by PE firms Accel Partners (India), IDG Ventures and Norwest, has raised $27 million so far. About 50% of the total funding has been used towards R&D. 

Perfint is planning to set up an assembling facility in China. The new round of fund raising will be used for commercialization of the company's product MAXIO, to expand to new markets including the US, Japan and China, and to set up an R&D base in Seattle. It is likely to witness revenues of $10 million this fiscal and expects around $20 million in 2013-14. 

Perfint was founded in 2005 by a team of healthcare device professionals who were earlier associated with GE Healthcare in India. 

From the Venture Intelligence PE Deal database: Perfint had raised $3.5 M from IDG Ventures and Accel India in Dec-07, and $1.05 M from the same investors in Nov-09. It raised $7.5 M and $8-M from Norwest, IDG and Accel in Jun-10 and Dec-11, respectively. The three investors invested again in the company in Mar-12. 

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