VC-backed Newsummit in $100m JV with US biomed fund

Newsummit, which is also backed by other VCs, says $30 million of its targeted corpus has been secured, and both Newsummit and CBF will meet with potential targets starting this week.

"This cross-border partnership is one of the first of its kind in the US and will provide a unique service to device manufacturers," Eddy Zai, CEO of Ohio-based CBF, said in a statement. Newsummit's CEO Jun Ren added: "We see this as a big, first step toward forming a long-term relationship that will yield good results for our investment by linking cutting edge US companies with immense opportunities and capital in China, and by establishing an American presence for companies from China."

CBF will form a dedicated team to scout investment targets and will serve as a conduit for funding. The fund's targets will be small- to mid-size medical device companies looking to enter the Chinese market and have products that can be sold in Asian healthcare markets but that do not currently have an Asian strategy.

The parties are also looking to assist Chinese companies that aim to ramp up their US exposure by helping them establish operations from the Cleveland region.

CBF is a spin off of the Cleveland International Fund, an international private equity fund that has raised more than $100 million in the last year. It has invested in job-creating projects in Greater Cleveland, and Zai also serves as CEO of the fund.

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• Sequoia Capital