Pune-based Persistent Systems Ltd, a software product and technology services provider, has invested an undisclosed amount in Boston-based life sciences startup DxNow Inc through its Persistent Venture Fund, as per a stock market disclosure.
Persistent Systems launched the early-stage investment fund (Persistent Venture Fund) last month. This is the second company that received seed funding from this fund.
Earlier this month, the company invested an undisclosed amount in US-based ustyme, a free video call app for iPad.
"Our investment in DxNow draws on Persistent's significant expertise in medical technologies and life sciences. We look forward to advantaging DxNow in its journey to creating breakthrough products and saving lives," said Sridhar Jagannathan, chief innovation officer of Persistent Systems."
"Today there are approximately 300,000 PD patients worldwide and that number is expected to grow to more than 400,000 in four years. Our goal is to provide a device that delivers better patient outcomes, and reduced costs and complications, as well as peace of mind for PD patients and their caregivers by enabling early clinical intervention when infection is detected. Persistent Systems expertise in life sciences as well as mobile and cloud computing make them an ideal partner," said William T Sharp, CEO, DxNow."
Founded in 1990 by IIT Kharagpur alumnus Anand Deshpande, Persistent Systems develops software solutions in next-generation technology areas, including analytics, Big Data, cloud computing, mobility and social, for the telecommunications, banking & financial services, life sciences, and healthcare verticals.
With an employee strength of over 7,000, the company has offices and delivery centres in North America, Europe and Asia Pacific. In India, it operates out of offices in Bangalore, Nagpur, Goa and Hyderabad.
DxNow develops micro-fluidic and imaging technologies for point-of-care diagnostic solutions. The company's products and technologies will have usage in dialysis, male fertility, global health and detection of microbial species in the environment. It will use mobility and cloud computing to help ensure timely, accurate and effective monitoring for the onset of infection, which is critical to reducing costs and improving patient outcomes.
(Edited by Joby Puthuparampil Johnson)