Chennai-based medical technology company, Perfint Healthcare has raised its fourth round of funding. The company today secured $11 million of Series D funding from its existing private equity investor Norwest Venture Partners (NVP). Meanwhile, the company is planning to set up an assembling facility in China.
The company, in which majority stake held by three PE firms including Accel Partners (India), IDG. Ventures India Advisors Pvt Ltd and Norwest, raised $27 million so far, said S Nandakumar, co-founder and CEO of Perfint. He added, 50 per cent of the money, which was raised till now, was used towards Research and Development.
The new round of fund raising will be used for commercialisation of company's product MAXIO, expand to new markets including US, Japan and China and to to set up a R&D base in Seattle.
Company’s recently launched MAXIO Integrated Visualisation, Planning and Robotic Targeting system for CT Guided Tumor Ablations New Product development in Ultrasound guided procedures and tissue characterisation Growth in USA, China and Japan markets where regulatory approvals are awaited Set-up and expansion of its Advanced Technology Labs in the USA, said Nandakumar.
He added, as a pilot ten units were supplied in India and to other countries and by end of March 2013, the company expects to supply 30 units.
Perfint’s ROBIO and MAXIO leverage Medical Image Processing and Robotics to help clinicians plan and execute CT guided Cancer Care like Biopsies, Tumor Ablation and CT guided Pain Care procedures like Nerve Root blocks.
He added, company's next product SONIO is being jointly developed in Canada and India with inputs from clinicians from over 50 countries.
Nandakumar added, the company is planning to set up an assembling facility in China with a capacity of around 200-300 units a year. The new facility will come in the two years and it will cater to Asian countries, while the two facilities in Chennai will cater to domestic and other exports markets including Europe and US.
The company is likely to close the revenue of around $10 million and expects revenue of around 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. Perfint also recently signed an MOU with General Electric to market its product in India to its users of CT Scanners.