Norwest invests $11 mn in Perfint Healthcare

Chennai-based Perfint Healthcare has raised its fourth round of funding. The company has secured $11 million of Series D funding from its existing private equity investor Norwest Venture Partners.

The medical technology company, in which majority stake is held by three PE firms — Accel Partners (India), IDG Ventures India Advisors Pvt Ltd and Norwest —, has raised $27 million so far from them, said S Nandakumar, co-founder and CEO of Perfint. Fifty per cent of the money raised till now has been used towards research and development.

The company will use the fresh fund for commercialisation of its product Maxio, expanding to new markets including US, Japan and China, and for setting up an R&D base in Seattle.

Perfint’s Robio and Maxio leverage medical image processing and robotics to help clinicians plan and execute CT guided cancer care like biopsies. Its next product Sonio is being jointly developed in Canada and India with inputs from clinicians from over 50 countries.

Nandakumar said they is planning to set up an assembling facility in China with a capacity of around 300 units a year. The facility will come in the two years and cater to Asian countries, while the two facilities in Chennai will cater to domestic and other exports markets including Europe and the US. The company is likely to close the current fiscal with a revenue of around $10 million and expects to increase it to 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.