Sequoia, Medtronic establish China medical technology fund
Sequoia Capital has partnered with global medical equipment manufacturer Medtronic to form a China-focused medical technology investment fund worth $60 million.
The vehicle has received funding both from Medtronic and Sequoia. BioBay, a technology incubator founded by Suzhou Industrial Park Biological Industry Development, also made an LP commitment to the fund. Lifei Cheng, vice president of Medtronic Greater China, will be responsible for day-to-day operations, while Charlie Chen, an associate of Sequoia China, will join the investment committee.
The fund will invest in Chinese innovative technology start-ups with ambitions to expand globally, and also support overseas medical technology and product developers that want to commercialize in China.
Omar Ishrak, chairman and CEO of Medtronic, said in a statement that VC investment is the core part of the group's business innovation. The firm has so far invested in over 100 global start-ups.
"This is our first early-stage fund set up outside of the US headquarters, which allows us to support innovative technologies and services to address China's unmet medical demand. We hope these efforts could ultimately improve the quality of clinical treatment for Chinese patients, expand the scope of healthcare services and create economic values for patients, doctors, hospitals and investors in the fund," Ishrak said.
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