Persistent Venture Fund, an early-stage fund, has invested an undisclosed sum in California-based Hyginex Inc, which develops a wristband-based technology focused on enhancing the hand hygiene programmes of healthcare services providers.
Persistent Venture Fund, an early-stage fund, has invested an undisclosed sum in California-based Hyginex Inc, which develops a wristband-based technology focused on enhancing the hand hygiene programmes of healthcare services providers.
The investment will help Hyginex to expand its operations in the United States and also enter markets like India.
This is the third investment for the six-month-old Persistent Venture Fund which invests between $100,000-$250,000 (Rs 60 lakh to Rs 1.5 crore) in a round.
"It is like a lottery ticket. It is a calculated risk," said Anand Deshpande, Founder and Chief Executive, Persistent. "Why shouldn't one do it? For a company like us, you are sitting on $100 million (Rs 608 crore) cash on balance sheet and here we are investing few hundred thousand dollars. It is a very low risk."
"Through this investment, Persistent would be able to help us reach our goals of making significant changes in improving patient safety and increasing quality standards in healthcare facilities,” said Shiva Swami, CEO, Hyginex.
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