AsianScientist.com (May 13, 2011) – Chipmaker Intel’s venture capital arm Intel Capital announced today an investment of US$18 million in five Indian companies as part of its ongoing commitment to stimulate technology innovation and growth in India.
Established in December 2005, The US$250 million Intel Capital India Technology Fund will invest in PolicyBazaar.com, an online insurance-comparison site, and Sudhir Srivastava Robotics Surgery Center (SSARSC), which focuses on bringing advanced robotics to medical care in India.
While PolicyBazaar will use this fund to build brand awareness and further enhance its technology platform, SSARSC will launch eight to ten centers throughout India to advance the use of robotic platforms for tele-training, tele-mentoring and tele-surgery.
In addition to these two companies, Intel Capital will also make three follow-on investments in online travel company Yatra.com, cross-platform mobile media company July Systems, and mobile media company WS02.
“Technology has been key to India’s unprecedented development over the last few years, and our investments in these companies is proof of our ongoing commitment to nurture technology innovation in India,” said Arvind Sodhani, president of Intel Capital and executive vice-president of Intel.
“Our support for these companies will give them access to global resources, knowledge and expertise to assist with their own growth and success,” he added.
The venture capital firm said that it would not start the next fund until it spent the capital in the current fund. Moving forward, the key focus areas for the VC fund will be consumer internet, cloud computing, education, information technology and related services.
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Source: VC Circle.
Disclaimer: This article does not necessarily reflect the views of AsianScientist or its staff.
