Financial Daily from THE HINDU group of publications
Wednesday, Sep 03, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 03, 2003 |
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Corporate
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Venture Capital Industry & Economy - Bio-tech & Genetics APIDC-Venture Cap funds 3 biotech cos Our Bureau
Bangalore , Sept. 2 APIDC-Venture Capital has announced investments of $1.62 million (Rs 8.1 crore) in three US-Indian biotech companies. In the first batch of funding from its recent Biotech Venture Fund, it has put in $5,40,000 each in Bioserve Biotechnologies, Genomik Design Pharma and Silico Insights. Announcing the investments here on Tuesday, the APIDC-Venture Capital Chairman, Mr S.M. Balasubramaniyam, and MD, Mr Sharath Naru, said the five-month-old biotech fund has attracted tremendous response from several banks and insurance companies. Planned with a corpus of Rs 150 crore, it has closed commitments for Rs 40 crore, including contributions from GIC, LIC, Andhra Bank and the AP Government. The fund will pick start-up and early-stage businesses such as healthcare, drug discovery, agriculture, dairy etc. The VC, a joint venture of Ventureast Group and the AP Industrial Development Corporation, expects to shortly finalise decision to invest in five more companies.
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