US-based venture capital firm Norwest Venture Partners (NVP) has made its first investment in India by joining a corporate venturing group backing Perfint Healthcare, a firm set up in 2005 making medical equipment to detect cancer.
NVP led the $7.2m series B round in Perfint, which included participation from previous investors, VC Accel Partners (India) and IDG Ventures India, a $150m country-focused corporate venturing fund of US-based technology publisher International Data Group. IDG Ventures in total manages $3.7bn in corporate venturing and has a joint venture with Accel in China.
The B round will complete development of Perfint’s new Interventional Oncology Assistance products and expand the company’s sales into southeast Asia, Europe, the Middle East and US.
Subburaman Nandakumar, co-founder and chief executive of Perfint, said: "We chose to partner with Norwest Venture Partners because of its expertise and know-how in bringing products to market globally."
IDG had previously invested $3m in a $3.5m series A round for Perfint, with the remainder coming from early stage India-based VC Erasmic Venture Fund, which merged with Accel in 2008 to establish the US firm’s presence in the country.