Mumbai-based Polymeric Sensors Pvt Ltd (PSPL), which develops and markets testing systems for agriculture, environment and healthcare sectors, has secured an undisclosed sum from Viva Capital, according to a company statement.
The company was founded four years ago by AQ Contractor, a professor of Chemistry at IIT Bombay, and Shama Bhat, a biotech entrepreneur who had also founded Bhat Biotech Pvt Ltd. Polymeric Sensors was incubated by the Society for Innovation and Entrepreneurship (SINE) at IIT Bombay that put in around Rs 60 lakh two years ago.
The firm designs, manufactures and markets testing systems for the testing of water, fluoride and soil. It has recently developed Polysense Aqua, a low-cost, handheld electronic device with electrochemical sensors to test water purity and soil fertility. The monies raised from Viva Capital will be used to complete the product’s pilot and launch it commercially.
“PSPL has the expertise and technology to revolutionise the economics of water and soil testing,” said Viva Capital’s founder Vinayak Kamath while commenting on the investment.
Positioned as an early-stage investment firm, Viva Capital was started by Kamath, an alumnus of BITS Pilani and Jamnalal Bajaj Institute of Management, Mumbai. Prior to that, Kamath was a director at the alternate investment fund house Halcyon and also worked as a vice-president at Genpact’s IT business. He has nearly 18 years of corporate and business experience in industries ranging from textiles, consumer brands, software products and services, chemicals and renewable energy.
Viva Capital aims to fund companies who have raised angel rounds but not yet opted for institutional funding. But the corpus of the fund managed by Viva could not be immediately ascertained. However, its website lists Hyderabad-based Shri Shakti Alternative Energy Ltd and headhunting firm Venator Search Partners among its portfolio companies.