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Exfinity, a technology fund backed by a group of former IT executives, has invested $1 million in LensBricks.
Silicon Valley-based LensBricks, which was founded in December 2013, works in developing new kinds of imaging technologies for healthcare, defence and other industries. This includes a camera that can stitch photographs to make it look like a video.
Commenting on the investment, V Balakrishnan, Chairman, Exfinity Ventures, said the goal of the fund is to back strong promoters having in-depth ideas underpinning the latest technology.
LensBricks was founded by former Nokia executives Raji Kannan, former head of Nokia’s imaging team Pranav Mishra and Ramesh Raskar, head of MIT Media Lab’s Camera Culture group. The start-up has received funding from North Bridge Venture Partners and Lux Capital, which have invested seed capital of $2 million in the company.
In a statement, Kannan said: “It’s great to see India-based VC firms like Exfinity forthcoming to invest in consumer hardware product start-ups. This is the kind of ecosystem we need to create to nurture innovation and entrepreneurship.”
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