Intel Capital invests USD 18 mn in five Indian companies

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3 Nov 2010
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The company signed two new agreements to invest in, an online insurance-comparison site, and Sudhir Srivastava Robotics Surgery Center (SSARSC), which provides advanced robotic surgery procedures in the country.

It also signed an agreement to make three follow-on investments in online travel company, cross-platform mobile solutions provider July Systems, and WSO2 a mobile media company.

"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 company however did not disclose individual details of the investments done.

Funding for the investments comes from the USD 250 million Intel Capital India Technology Fund established in December 2005.

This fund invests in Indian technology companies to stimulate local technology innovation and the continued growth of India's information technology industry.

While PolicyBazaar will use this fund for building brand awareness and further enhancing its technology platform, SSARSC will use the funding to launch 8-10 centres throughout India and to advance the use of robotic platforms for tele-training, tele-mentoring and tele-surgery.

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