IDG Ventures India, a $150 million (Rs594 crore) early-stage technology venture capital fund, has made an undisclosed investment in Bangalore-based 3D Solid Compression Pvt. Ltd, a 3D content creation and visualization start-up incubated jointly by Stanford University and Indian Institute of Science(IISc), Bangalore.
Sudhir Sethi and Hemir Doshi, who lead IDG’s investment team, will join the 3D Solid Compression board. The company was born out of an on-campus academic research project by Stanford University professors Krishnan Ramaswami and Fritz Prinz.
Ramaswamy later moved to IISc where he teamed up with B. Gurumoorthy, a faculty member at IISc, to take the project forward.
This is the first instance of a US-India cross-border technology research project being spun out into a start-up and successfully roping in venture funding.
Source: Livemint