Intel Capital to invest $18 mn in Indian firms

BANGALORE, INDIA: Intel Capital, Intel's investment organization, on Friday announced two new investments in Indian companies as part of its ongoing efforts to support technology innovation in India.

Intel Capital announced investment in PolicyBazaar, an online insurance comparison site that assists customers in making informed decisions about their insurance purchases, said a press release.

The investment funds will be used for building brand awareness and further enhancing PolicyBazaar's technology platform and product depth.

Intel has also signed an agreement to invest in Sudhir Srivastava Robotic Surgery Centre, a provider of advanced robotic surgery procedures for specialty areas such as cardiac, urology, thoracic, gynaecology, orthopaedics, etc.

In addition to these two new investments, Intel Capital announced follow-on investments in mobile media company July Systems, online travel company Yatra.com, and open-source application development software company WSO2.

Intel Capital made a total investment of approximately $18 million. Details of the individual investments were not disclosed.

“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. Our support for these companies will give them access to global resources, knowledge and expertise to assist with their own growth and success.,” said Arvind Sodhani, president of Intel Capital and executive vice president of Intel.

Funding for the investments announced by Intel Capital comes from the $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.