IDG Ventures, Erasmic Invest $3.5M In Medical Electronics Firm Perfint

IDG Ventures India and Erasmic Venture Fund together have invested $3.5 million in Perfint, a Chennai-based medical electronics company. IDG Ventures and early/seed stage fund Erasmic, both Bangalore-based, have invested $3 million and $500K, respectively. Perfint is founded by S Nandakumar, B D Vijaya and a team of healthcare device professionals who were earlier associated with GE Healthcare in India.
Perfint has developed PIGA, a high tech medical positioning device that can help in clinical applications such as biopsy and other soft tissue procedures. In technical terms, it is a tool positioner for Image Guided Minimally Invasive (IG-MI) procedures. They support applications such as fine needle aspiration (FNA), biopsy and RF Ablation (RFA) of small tumors in the lung and the abdomen. PIGA is expected to be launched in India in early 2008. PIGA is under clinical evaluation at this moment. The various image guided interventions (IG-MI) are biopsy (IG diagnosis), radiation (IG therapy) and IG surgery.
The global market for minimally invasive image-guided interventions is currently over $3 billion. However, currently only less than 15 per cent 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 per cent of total procedures done today to about 50-60 per cent by 2010. That presents a huge opportunity for devices such as PIGA” said Sudhir Sethi, Chairman and founding managing director of IDG Ventures India. The company plans to target the emerging markets initially and will look at entering the US markets in 2009, according to S. Nandakumar, co-founder and CEO of Perfint. IDG’s Sudhir Sethi and Ranjith Menon, and Erasmic’s Subrata Mitra will join the board of Perfint.
IDG Ventures has been making several high tech investments in India. Its most recent investment was 3D Solid compression Pvt Ltd, a 3D visualisation startup incubated at Stanford University and Indian Institute of Science, Bangalore. Its other investments include retail analytics firm Manthan Software Services, B2C online gaming company Kreeda Games, Sasken Communications spin-out Connect M Technology Solutions, and network security company iViz.
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